Precision Drilling Corporation

What Precision Drilling Corporation does

Precision Drilling Corporation is a Canadian-headquartered, publicly-traded (NYSE: PDS, TSX: PD) onshore oil and gas drilling contractor founded in 1951 with operational headquarters in Calgary, Alberta, and regional offices in Houston and Dubai. The company operates a fleet of 184 high-specification Super Series drilling rigs (Super Triple, Super Single) and 145 service rigs across North America (Canada and the United States) and the Middle East (Kuwait and Saudi Arabia), serving oil and gas exploration and production companies. Precision is the second-most-active North American driller and the largest provider of service rigs in Canada.

The company's competitive position rests on two proprietary technology platforms deployed across its rig fleet. The Alpha™ suite comprises AlphaAutomation™ (drilling automation software deployed on over 90% of AC Triple rigs achieving up to 96% connection automation), AlphaApps™ (an open platform of drilling optimization applications), and AlphaAnalytics™ (a real-time intelligence platform streaming rig and EDR data at 5Hz via cloud and edge computing, incorporating IIoT video analytics). The EverGreen™ suite addresses emissions reduction through EverGreenHydrogen™ injection systems (up to 7% GHG reduction), EverGreenEnergy™ Battery Energy Storage Systems (BESS), and grid power solutions. These technologies, combined with the Super Series rig specification, enable Precision to command 20-30% premium dayrates over older rigs.

Precision generates revenue primarily through usage-based dayrate contracts for drilling services, with Q1 2026 revenue per utilization day of CAD $35,021 in Canada, USD $33,715 in the U.S., and USD $51,596 internationally. The company supplements drilling revenue with completion and production services (~$80 million in Q1 2026, ~15% of total revenue) encompassing well servicing, oilfield equipment rentals, and camp and catering services. Term contracts with take-or-pay provisions — including five-year international contracts extending into 2027-2028 — provide revenue stability. Total Q1 2026 revenue reached $526 million (up 6% year-over-year), with full-year 2025 revenue of $1.84 billion; recent strategy has emphasized debt reduction ($101 million in 2025), share repurchases ($76 million in 2025), and fleet technology upgrades ($30 million deployed) under a leadership transition in October 2025 that elevated Carey Ford from CFO to President and CEO.

Name

Precision Drilling Corporation

Legal name

Precision Drilling Corporation

Website

https://precisiondrilling.com

Company type

Public

Founded year

1951

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Precision Drilling Corporation is a publicly-traded onshore oil and gas drilling contractor operating 184 drilling rigs and 145 service rigs across North America and the Middle East, providing Super Series rigs, Alpha™ automation technology, and EverGreen™ environmental solutions to oil and gas E&P companies.

Ownership category

akta.pro rank

Product category

Contract Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112), Support Activities for Mining (21311)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH), Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL), Drilling Rigs & Drill Systems (IMAHAMAA)

Keywords

• Contract drilling services
• Land drilling rigs
• Drilling automation technology
• Well completion services
• Oilfield equipment rentals

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Contract Drilling Services: Precision generates the majority of its revenue through dayrate-based contract drilling services for oil and gas companies. The company operates a fleet of Super Series drilling rigs providing services in Canada, the U.S., and internationally (Middle East). Revenue is measured per utilization day with dayrates ranging from approximately $30,000-$35,000 in North America and over $50,000 internationally. The company utilizes term contracts with take-or-pay provisions that provide revenue stability.
2. Completion and Production Services: Well servicing, oilfield equipment rental, and camp services. This segment includes the largest provider of service rigs in Canada with 145 service rigs. Revenue for this segment was $80 million in Q1 2026, representing approximately 15% of total revenue. Well service rig operating hours increased 4% versus prior year.
3. International Drilling Operations: International contract drilling operations through Grey Wolf International brand, with seven active rigs in the Middle East (four in Kuwait, three in Saudi Arabia) under five-year term contracts extending into 2027 and 2028. International revenue per utilization day was US$51,596 in Q1 2026, significantly higher than North American rates.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Precision Drilling Corporation provides contract drilling services and completion and production services to oil and gas exploration and production companies. The company operates a fleet of high-specification Super Series drilling rigs (Super Triple and Super Single) across North America and the Middle East under the Grey Wolf brand, complemented by proprietary digital technology (Alpha™ suite) and environmental solutions (EverGreen™ suite). Additional offerings include well servicing through Precision Well Servicing, oilfield equipment rentals through Precision Rentals, and camp and catering services for remote workforce housing.

Product overview

Precision Drilling Corporation is an onshore oil and gas drilling contractor offering a comprehensive portfolio of services and technology solutions. The company operates the Alpha™ suite of digital technologies (AlphaAutomation, AlphaApps, AlphaAnalytics) for drilling automation and optimization, and the EverGreen™ suite of environmental solutions (EverGreenEnergy, EverGreenHydrogen) for emissions reduction. Core services include Super Series drilling rigs (Super Triple, Super Single) for high-specification drilling, well servicing operations through Precision Well Servicing, equipment rentals through Precision Rentals, and camp and catering services. International operations are conducted under the Grey Wolf brand, primarily in the Middle East. The company serves as one of North America's largest drilling contractors with approximately 110 drilling rigs focused on the Permian Basin and Western Canada.

Differentiator

Problem solved

Functional benefit

Brands

• Grey Wolf: International drilling company subsidiary operating rigs in the Middle East including Kuwait and Saudi Arabia.
• Alpha™
• EverGreen™
• Precision Well Servicing
• Precision Rentals
• Precision Camp and Catering Services
• Target Zero

Products and services

• North American Contract Drilling Services Dayrate-based contract drilling services delivered through a fleet of high-specification Super Triple and Super Single drilling rigs focused on high-margin markets including the Permian Basin and Western Canada. Operations include term contracts with take-or-pay provisions.
• Grey Wolf International Drilling Services

Quantifiable outcome

• Up to 96% automation of drilling connections through AlphaAutomation™
• +6 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature8 records

Partnerships

One partnership is on record.

• NOV (National Oilwell Varco)coreTechnology or IntegrationPrecision Drilling partnered with NOV to deploy the AlphaARMS robotics system on land drilling rigs. The deployment in Canada's Montney Shale exceeded expectations, achieving 95% automation of rig floor activities (against initial target of 80%) and eliminating over 70,000 manual touchpoints, resulting in a 36% reduction in cumulative worker hours. The partnership involves NOV's ATOM RTX robotic arm system integrated with Precision's AlphaAutomation platform.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Nabors Industries: Global drilling contractor with significant U.S. and international land drilling operations and a proprietary automation/AI platform (Nabors Drilling Solutions) that directly competes with Precision's Alpha™ suite. Closely comparable on technology-led differentiation strategy and rig premium pricing.
• Ensign Energy Services: Canadian-based drilling and well servicing contractor with overlapping service rig and drilling rig operations in Western Canada. Directly competes with Precision in the WCSB market and is the most relevant Canadian comparable, especially for Precision Well Servicing.
• Helmerich & Payne: Largest U.S. land drilling contractor and Precision's closest direct peer, operating a similarly large high-spec rig fleet (FlexRig) with proprietary drilling automation. Competes head-to-head for Permian and U.S. land drilling contracts and is the natural comparable on dayrate premium, technology differentiation, and fleet utilization.
• Patterson-UTI Energy: Major North American land driller with a comparable Super-Spec rig fleet and pressure pumping exposure. Competes directly with Precision for U.S. onshore drilling contracts and serves overlapping E&P customers in the Permian and other U.S. basins.

Broad incumbents

• Halliburton: Diversified global oilfield services giant with drilling-related offerings (drilling fluids, bits, directional) that interact with Precision's drilling operations. A broad incumbent whose activity levels and North American commentary move with Precision's customer demand.
• Schlumberger (SLB): World's largest oilfield services company with broad drilling, completions, production, and digital portfolios. Competes with Precision indirectly via integrated drilling projects and Schlumberger Drilling Tools; relevant for benchmarking technology investment and international footprint.
• Weatherford International: Global oilfield services and equipment provider with drilling-related product lines and well construction services. Overlaps with Precision in wellsite equipment and services and competes in oilfield equipment supply alongside Precision Rentals.

Emerging players

• Ranger Energy Services: U.S.-focused oilfield services provider in well completion, production, and rig-related services. Comparable to Precision's Completion and Production Services segment and useful as a peer for the well-servicing side of the business.
• PROPETRO Holding: U.S. completions-focused oilfield services company (pressure pumping) adjacent to Precision's drilling operations. While not a direct drilling competitor, it serves overlapping E&P customers and is relevant for understanding U.S. onshore activity trends and customer concentration.

Regional players

• Trican Well Service: Canadian oilfield services company focused on well completions and production services, primarily in Western Canada. Comparable to Precision's Completion and Production Services segment and a regional peer for the Canadian well-servicing market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Precisiondrilling
• LinkedInlinkedin.com/company/precision-drilling
• Instagraminstagram.com/precisiondrilling

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Precision Drilling Corporation