Precision Drilling Announces Renewal of Normal Course Issuer Bid

Precision Drilling renews its share repurchase program, authorizing buybacks of up to about 10% of its public float over the next year.

Rhea-AI Summary

Precision Drilling (PDS) received Toronto Stock Exchange approval to renew its Normal Course Issuer Bid to repurchase up to 1,229,799 Common Shares, about 10% of its public float as of September 8, 2026, for cancellation.

The NCIB runs from September 21, 2026, to no later than September 20, 2027, with purchases on the TSX, NYSE and other permitted trading systems at prevailing market prices. Daily repurchases are capped at 22,165 shares, equal to 25% of the six‑month average TSX trading volume, except for allowable weekly block purchases. As of September 8, 2026, the company had 12,587,470 shares outstanding and a public float of 12,297,993 shares.

Positive

• New NCIB authorization to repurchase up to 1,229,799 shares, about 10% of public float
• Prior NCIB execution 668,674 shares repurchased at a weighted average of CAD$102.54
• Defined daily cap of 22,165 shares, equal to 25% of recent average TSX volume
• Automatic securities purchase plan under Rule 10b5-1 to enable buybacks during blackout periods

Negative

• None.

News Explained

The renewal authorizes future share cancellations, while prior purchases show the earlier bid was used but not to its full approved ceiling.

The renewal is approved but not a completed repurchase: Precision may begin buying on September 21, 2026, with 1,229,799 shares authorized as a maximum; shares bought will be cancelled and removed from the outstanding share count.

The automatic securities purchase plan is a prearranged trading plan using set criteria; the release says it may allow the broker to buy during specified blackout or trading-restriction periods.

Under the prior bid, Precision had purchased 668,674 shares through September 8, 2026, at a weighted average price of CAD$102.54, against prior approval for up to 1,251,850 shares.

Market Context

3.43% was PDS's pre-publication 24-hour gain; RIG, SOC and SDRL were also positive at generation, pr...

Analysis

3.43% was PDS's pre-publication 24-hour gain; RIG, SOC and SDRL were also positive at generation, providing sector context for a renewed NCIB authorizing up to 1,229,799 shares for cancellation.

Key Figures

Maximum shares authorized: 1,229,799 Common Shares Public float percentage: approximately 10% NCIB period: September 21, 2026 to September 20, 2027 +4 more

Maximum shares authorized

1,229,799 Common Shares

Renewed NCIB; shares purchased for cancellation

Public float percentage

approximately 10%

Maximum NCIB authorization as of September 8, 2026

NCIB period

September 21, 2026 to September 20, 2027

Authorized purchase period

Daily purchase maximum

22,165 Common Shares

Current daily limit under the NCIB

Average daily trading volume

88,661 Common Shares

TSX six-month average through August 31, 2026

Prior NCIB purchases

668,674 Common Shares

Purchased through September 8, 2026

Prior weighted average purchase price

CAD$102.54 per Common Share

Purchases under the prior NCIB

Historical Context

1 past event · Latest: Jul 28

1 event

1. Jul 28

   Q2 earnings report

   24h Move

   -6.6%

   Q2 filing disclosed $12 million of share repurchases alongside debt reduction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

normal course issuer bid, public float, automatic securities purchase plan, rule 10b5-1

4 terms

normal course issuer bid regulatory

"approved its intention to implement a Normal Course Issuer Bid (NCIB)"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

public float financial

"or approximately 10% of the public float as of September 8, 2026"

Public float is the total number of a company's shares that are available for trading by the general public. It excludes shares held by company insiders or large stakeholders who are unlikely to sell them easily. This figure helps investors understand how much of the company's stock is actively available, which can influence its liquidity and how easily its price might change.

automatic securities purchase plan financial

"enter into an automatic securities purchase plan effective September 21, 2026"

A plan a company sets up to buy its own shares automatically according to preset rules — for example, when the stock hits certain prices or at regular intervals — without managers deciding each trade. For investors this matters because automatic buybacks can reduce the number of shares outstanding, often supporting the stock price and boosting per-share metrics, much like a steady repurchasing habit gradually shrinking the size of a shared pie.

rule 10b5-1 regulatory

"requirements of Rule 10b5-1 under the U.S. Securities Exchange Act"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CALGARY, Alberta, Sept. 16, 2026 (GLOBE NEWSWIRE) -- This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release.

Precision Drilling Corporation (Precision or the Company) (TSX: PD; NYSE: PDS) announced today that the Toronto Stock Exchange (the TSX) has approved its intention to implement a Normal Course Issuer Bid (NCIB) for a portion of its Common Shares (Common Shares). Precision believes the NCIB continues to represent another tool for the Company to enhance the value of its underlying shares.

Pursuant to the renewed NCIB, the Company has been authorized by the TSX to acquire up to a maximum of 1,229,799 Common Shares, or approximately 10% of the public float as of September 8, 2026, for cancellation. As of September 8, 2026, Precision had 12,587,470 Common Shares issued and outstanding and a public float of 12,297,993 Common Shares. Purchases under the NCIB may commence on September 21, 2026 and will terminate no later than September 20, 2027, or such earlier time as the Company completes its purchases pursuant to the NCIB or provides notice of termination.

Purchases under the NCIB will be made in accordance with applicable regulatory requirements through the facilities of the TSX, the New York Stock Exchange (the NYSE), other designated exchanges and/or alternative trading systems in Canada or the United States or by such other means as may be permitted by the applicable securities regulator at a price per Common Share representative of the market price at the time of acquisition. The number of Common Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 22,165 Common Shares (which is equal to 25% of the average daily trading volume of 88,661 Common Shares on the TSX for the six full calendar months ending August 31, 2026), subject to the Company’s ability to make one block purchase of Common Shares per calendar week that exceeds such limits. All Common Shares purchased under the NCIB will be cancelled after their purchase. The Company intends to fund the purchases out of its available resources.

Pursuant to its prior NCIB, under which the Company had approval from the TSX to purchase up to 1,251,850 Common Shares for the period of September 19, 2025 to September 18, 2026, through September 8, 2026 the Company has purchased 668,674 Common Shares on the TSX, NYSE and alternative trading systems at a weighted average purchase price of CAD$102.54 per Common Share.

The Company intends to enter into an automatic securities purchase plan effective September 21, 2026 under which its broker may purchase Common Shares in connection with the NCIB. The plan will contain a prearranged set of criteria in accordance with which its broker may make Common Share purchases. These strict parameters enable the purchase of Common Shares during times when it would ordinarily not be permitted due to self-imposed blackout periods, insider trading rules or otherwise. Such plan is adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended.

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange and NYSE Texas, Inc., under the trading symbol “PDS”.

Cautionary Statement Regarding Forward-Looking Information and Statements

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to the funding of purchases under the NCIB and the entering into of an automatic securities purchase plan and advantages of the NCIB.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

• the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets;
• the status of current negotiations with our customers and vendors;
• customer focus on safety performance;
• existing term contracts are neither renewed nor terminated prematurely;
• continued market demand for Super Spec rigs;
• our ability to deliver rigs to customers on a timely basis;
• the impact of climate change on our business;
• the general stability of the economic and political environments in the jurisdictions where we operate; and
• the impact of an increase/decrease in capital spending.
  
  

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

• volatility in the price and demand for oil and natural gas;
• fluctuations in the level of oil and natural gas exploration and development activities;

• fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
• our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
• changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
• shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
• liquidity of the capital markets to fund customer drilling programs;
• availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
• the impact of weather and seasonal conditions on operations and facilities;
• the impact of tariffs and trade disputes;
• competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
• ability to improve our rig technology to improve drilling efficiency;
• public health crises that impact demand for our services and our business;
• general economic, market or business conditions;
• the availability of qualified personnel and management;
• a decline in our safety performance which could result in lower demand for our services;
• business interruptions related to cybersecurity risks;
• changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
• terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
• fluctuations in foreign exchange, interest rates and tax rates; and
• other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.
  
  

Readers are cautioned that the foregoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2025, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information

For further information about Precision, please visit our website at www.precisiondrilling.com or contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Precision Drilling’s renewed NCIB be in effect and when does it end?

Purchases under the renewed NCIB may begin on September 21, 2026 and will terminate no later than September 20, 2027, or earlier if the company completes its authorized purchases or provides notice of termination.

On which markets can Precision Drilling repurchase its Common Shares?

Repurchases may be made through the facilities of the TSX, the NYSE, other designated exchanges and/or alternative trading systems in Canada or the United States, or by other means permitted by applicable securities regulators.

How will the daily repurchase limit under the NCIB be determined?

The number of Common Shares that can be purchased each day is subject to a current daily maximum of 22,165 shares, which equals 25% of the average daily trading volume of 88,661 shares on the TSX for the six full calendar months ending August 31, 2026. The company may also make one block purchase per calendar week that exceeds this limit.

How many shares did Precision Drilling buy under its prior NCIB and at what price?

Under the prior NCIB, which ran from September 19, 2025, to September 18, 2026, the company was authorized to purchase up to 1,251,850 shares. Through September 8, 2026, it repurchased 668,674 Common Shares on the TSX, NYSE and alternative trading systems at a weighted average price of CAD$102.54 per share.

How does the automatic securities purchase plan support the NCIB?

Effective September 21, 2026, the company intends to implement an automatic securities purchase plan with its broker. The plan will include a prearranged set of criteria that allows the broker to buy shares in connection with the NCIB, including during self‑imposed blackout periods or times when the company is otherwise restricted, in accordance with Canadian securities laws and Rule 10b5-1 under the U.S. Securities Exchange Act of 1934.

How will Precision Drilling fund share repurchases under the renewed NCIB?

The company plans to fund share purchases under the NCIB from its available resources.