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Precision Drilling Corp (PD.TO)

PD.TO on Toronto Stock Exchange

3.26CAD
22 Mar 2019
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Latest Key Developments (Source: Significant Developments)

Precision Drilling Announces Asset Divestitures, Senior Note Redemption And Provides International Contract Update
Monday, 18 Mar 2019 

March 18 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING ANNOUNCES ASSET DIVESTITURES, SENIOR NOTE REDEMPTION AND PROVIDES INTERNATIONAL CONTRACT UPDATE.PRECISION DRILLING - ANNOUNCE TRANSACTIONS TO DIVEST OUR FIVE MEXICO BASED DRILLING RIGS AND OUR WATER TREATMENT BUSINESS BRANDED TERRA WATER SYSTEMS.ENTERED INTO AGREEMENT TO SELL FIVE IDLE DRILLING RIGS AND ANCILLARY EQUIPMENT CURRENTLY LOCATED IN MEXICO FOR US$48 MILLION.HAVE ENTERED INTO AN AGREEMENT TO SELL FIVE IDLE DRILLING RIGS AND ANCILLARY EQUIPMENT CURRENTLY LOCATED IN MEXICO FOR US$48 MILLION.PRECISION RECENTLY CLOSED TRANSACTION TO DIVEST ASSETS AND BUSINESS FOR AN UNDISCLOSED CASH CONSIDERATION.AT CONCLUSION OF TRANSACTION, PRECISION WILL HAVE NO ASSETS IN MEXICO.PRECISION DRILLING - COMPANY HAS INITIATED REDEMPTION OF US$30 MILLION OF ITS 6.50% SENIOR NOTES DUE 2021 ON A PRO RATA BASIS WITH AVAILABLE CASH ON HAND.PRECISION DRILLING - REGARDING TERRA WATER SYSTEMS, CO RECENTLY CLOSED TRANSACTION TO DIVEST ASSETS & BUSINESS FOR UNDISCLOSED CASH CONSIDERATION.COMPANY HAS SIGNED THREE-YEAR CONTRACT RENEWALS FOR TWO RIGS IN SAUDI ARABIA, EFFECTIVE MARCH 1, 2019.PRECISION DRILLING - IN KUWAIT, SIGNED 1-YEAR EXTENSIONS ON 2 RIGS THAT WERE SET TO EXPIRE MID-YEAR, REMAIN ON TRACK TO DELIVER SIXTH NEW BUILD RIG IN JULY.  Full Article

Precision Drilling Corp Announces 2018 Fourth Quarter And Year-End Unaudited Financial Results
Thursday, 14 Feb 2019 

Feb 14 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING CORPORATION ANNOUNCES 2018 FOURTH QUARTER AND YEAR END UNAUDITED FINANCIAL RESULTS.Q4 REVENUE C$427 MILLION VERSUS REFINITIV IBES ESTIMATE OF C$403.4 MILLION.QTRLY NET LOSS OF $0.68 PER SHARE.EXCLUDING IMPACT OF GOODWILL IMPAIRMENT NET EARNINGS WOULD HAVE BEEN $0.00 PER SHARE IN QUARTER.CAPITAL SPENDING IN 2019 IS EXPECTED TO BE $169 MILLION.PRECISION DRILLING - INCREASED CO'S LONG-TERM DEBT REDUCTION TARGETS TO $400 MILLION TO $600 MILLION BY YEAR-END 2021 (INCLUSIVE OF 2018 DEBT REPAYMENTS).  Full Article

Precision Drilling Announces 2019 Capital Expenditure Plan
Tuesday, 29 Jan 2019 

Jan 29 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING ANNOUNCES 2019 CAPITAL EXPENDITURE PLAN, DEBT REPAYMENT UPDATE, 2019 STRATEGIC PRIORITIES AND EXPECTED GOODWILL IMPAIRMENT.PRECISION DRILLING CORP - PRECISION ANNOUNCED A 2019 CAPITAL EXPENDITURE PLAN OF $169 MILLION.PRECISION DRILLING CORP - SET ITS 2019 DEBT REPAYMENT TARGET AT $100 MILLION TO $150 MILLION WHICH IS EXPECTED TO BE FUNDED FROM FREE CASH FLOW.PRECISION DRILLING CORP - EXPECTS ITS YEAR-END CASH BALANCE TO BE $97 MILLION.PRECISION DRILLING - INCREASED ITS LONGER-TERM DEBT REDUCTION TARGET RANGE BY $100 MILLION WITH A NEW TARGET RANGE OF $400 MILLION TO $600 MILLION BY END OF 2021.PRECISION DRILLING - CASH BALANCE AND UNDRAWN CREDIT FACILITIES WILL PROVIDE PRECISION WITH APPROXIMATELY $810 MILLION OF LIQUIDITY GOING INTO 2019.PRECISION DRILLING CORP - EXPECTED GOODWILL IMPAIRMENT AT YEAR-END 2018.PRECISION DRILLING - AT SEPT 30, 2018 CO HAD $206 MILLION OF GOODWILL ON BALANCE SHEET PRIMARILY RELATED TO CANADIAN DRILLING CASH GENERATING UNIT.  Full Article

Precision Drilling Announces $150 Mln Total Debt Reduction In 2018
Thursday, 13 Dec 2018 

Dec 13 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING ANNOUNCES CREDIT FACILITY EXTENSION AND $150 MILLION TOTAL DEBT REDUCTION IN 2018.PRECISION DRILLING CORP - REMAIN COMMITTED TO DELEVERAGING PLAN OF REDUCING DEBT BY $300 MILLION TO $500 MILLION BETWEEN 2018 AND 2021.PRECISION DRILLING CORP - COMPLETION WITH OUR LENDERS OF A ONE-YEAR MATURITY EXTENSION OF OUR SENIOR CREDIT FACILITY TO NOVEMBER 2022..PRECISION DRILLING CORP - COMPLETED AN ADDITIONAL $34 MILLION IN OPEN MARKET PURCHASES OF ITS 5.25% SENIOR NOTES DUE 2024.PRECISION DRILLING CORP - TRANSACTIONS WILL BRING TOTAL DEBT REPAYMENTS FOR YEAR-END 2018 TO APPROXIMATELY $150 MILLION.PRECISION DRILLING CORP - DEBT REPAYMENTS IN 2018 ARE FUNDED FROM FREE CASH FLOW AND PROVIDE ANNUALIZED INTEREST SAVINGS OF APPROXIMATELY $9 MILLION.PRECISION DRILLING CORP - EXPECTS ITS YEAR END CASH BALANCE TO BE APPROXIMATELY $90 MILLION.  Full Article

Precision Drilling Corp Announces Early Termination Of Hart-Scott-Rodino Waiting Period
Wednesday, 31 Oct 2018 

Oct 31 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING CORPORATION ANNOUNCES EARLY TERMINATION OF HART-SCOTT-RODINO WAITING PERIOD.  Full Article

Precision Drilling Corp Announces Q3 Loss Per Share C$0.10
Thursday, 25 Oct 2018 

Oct 25 (Reuters) - Precision Drilling Corp ::ANNOUNCES 2018 THIRD QUARTER UNAUDITED FINANCIAL RESULTS.Q3 LOSS PER SHARE C$0.10.Q3 REVENUE C$382 MILLION VERSUS I/B/E/S VIEW C$394.6 MILLION.Q3 EARNINGS PER SHARE VIEW C$-0.08 -- THOMSON REUTERS I/B/E/S.  Full Article

Precision Drilling Says Deal Will Add To 2019 Cash Flow Per Share - Conf Call
Friday, 5 Oct 2018 

Oct 5 (Reuters) - Precision Drilling Corp ::SAYS CAPITAL EXPENDITURES WILL REMAIN COMPARATIVELY LOW IN COMING YEARS - EXEC ON CONF CALL.CEO SAYS DEAL WILL BE SIGNIFICANTLY ACCRETIVE TO 2019 CASH FLOW PER SHARE - CONF CALL.  Full Article

Precision Drilling To Buy Trinidad Drilling For C$1.03 Bln
Friday, 5 Oct 2018 

Oct 5 (Reuters) - Precision Drilling Corp ::TRINIDAD DRILLING ANNOUNCES STRATEGIC MERGER WITH PRECISION DRILLING TO CREATE INDUSTRY-LEADING CONTRACT DRILLER.TRINIDAD DRILLING LTD - TOTAL CONSIDERATION FOR TRINIDAD IS APPROXIMATELY $1,028 MILLION.TRINIDAD DRILLING LTD - RESPECTIVE BOARDS OF DIRECTORS FOR TRINIDAD AND PRECISION DRILLING CORPORATION ("PRECISION") HAVE UNANIMOUSLY AGREED TO DEAL.TRINIDAD DRILLING - UNDER TERMS OF COMBINATION, PRECISION IS OFFERING 0.445 OF PRECISION SHARE FOR EACH OF ISSUED & OUTSTANDING COMMON SHARES OF CO.TRINIDAD DRILLING LTD - COMBINED ENTITY WILL HAVE AN ENTERPRISE VALUE OF APPROXIMATELY $4.0 BILLION AND OPERATE UNDER PRECISION NAME.TRINIDAD DRILLING LTD - TRANSACTION IS EXPECTED TO GENERATE SUBSTANTIAL SYNERGIES, DRIVING COST SAVINGS ACROSS COMBINED ENTITY.TRINIDAD DRILLING - UPON COMPLETION OF TRANSACTION, TRINIDAD SHAREHOLDERS WILL OWN ABOUT 29% OF COMBINED ENTITY.TRINIDAD DRILLING - HAS AGREED THAT IT WILL NOT SOLICIT OR INITIATE DISCUSSIONS REGARDING ANY OTHER BUSINESS COMBINATION OR SALE OF MATERIAL ASSETS.TRINIDAD DRILLING LTD - ONE OF TRINIDAD'S CURRENT DIRECTORS WILL BE APPOINTED TO PRECISION BOARD.TRINIDAD DRILLING LTD - ONE OF TRINIDAD'S CURRENT DIRECTORS WILL BE NOMINATED FOR ELECTION TO PRECISION BOARD AS PRECISION SHAREHOLDER MEETING.TRINIDAD DRILLING LTD - COMBINED ENTITY WILL HAVE AN ENTERPRISE VALUE OF APPROXIMATELY $4.0 BILLION AND OPERATE UNDER PRECISION NAME.  Full Article

Precision Drilling Corp Q2 Loss Per Share C$0.16
Thursday, 26 Jul 2018 

July 26 (Reuters) - Precision Drilling Corp ::ORATION ANNOUNCES 2018 SECOND QUARTER UNAUDITED FINANCIAL RESULTS.Q2 LOSS PER SHARE C$0.16.Q2 REVENUE C$331 MILLION VERSUS I/B/E/S VIEW C$320 MILLION.Q2 EARNINGS PER SHARE VIEW C$-0.14 -- THOMSON REUTERS I/B/E/S.Q2 CAPITAL EXPENDITURES WERE $37 MILLION.ACTIVELY BIDDING OUR FOUR IDLE RIGS IN MIDDLE EAST AND BELIEVE PROSPECTS TO ACTIVATE THESE RIGS ARE IMPROVING.UPDATED 2018 CAPITAL PLAN IS APPROXIMATELY $135 MILLION.NET FINANCIAL CHARGES FOR QUARTER WERE $32 MILLION.  Full Article

Precision Drilling Corp Announces Kuwait Contract Award And Activity Update
Monday, 9 Jul 2018 

July 9 (Reuters) - Precision Drilling Corp ::PRECISION DRILLING CORPORATION ANNOUNCES KUWAIT CONTRACT AWARD AND ACTIVITY UPDATE.PRECISION DRILLING - AWARD OF ONE NEW BUILD ST-3000 DRILLING RIG IN KUWAIT UNDER A FIVE YEAR TAKE-OR-PAY CONTRACT.PRECISION DRILLING CORP - EXPECTS SIXTH RIG TO COMMENCE OPERATIONS IN Q3 OF 2019.PRECISION DRILLING CORP - EXPECTED CASH BALANCE FOR END OF Q2 IS ABOUT $95 MILLION.PRECISION DRILLING CORP - CAPITAL COST FOR THE NEW BUILD IS ABOUT US$60 MILLION WITH ABOUT US$10 MILLION EXPECTED TO BE SPENT IN 2018 AND REMAINDER IN 2019.  Full Article

CANADA STOCKS-TSX at five-month high on U.S.-China trade optimism

March 15 Canada's main stock index rose to its highest level in five months on Friday, led by the material sector, as investor sentiment was lifted by reports that Beijing and Washington had made more progress in their trade talks.