Precision Drilling Ltd. was founded as a private drilling contractor in the early 1950s in the post-Leduc oil boom in western Canada and, after restructuring in the 1980s, grew to become the largest provider of oilfield services in Canada.

The roots of Precision Drilling Trust, date to 1987 with the reverse takeover of the far larger Precision Drilling Ltd. by Cypress Drilling Ltd., a company established two years earlier under the leadership of Hank Swartout.

In the next decade, Precision's fleet grew to more than 100 drilling rigs through acquisitions and rig builds. The acquisition of Kenting Energy Services in 1997 doubled Precision's fleet again to more than 200 rigs. Today, Precision operates over 240 land drilling rigs in Canada and United States.

Expansion into businesses that became Precision Well Servicing, Live Well Service and Precision Rentals began with the acquisitions of diversified oilfield services company EnServ Corp. in 1996 and CenAlta Energy Services four years later. Today, Precision operates over 235 service rigs, 30 snubbing units and provides 15,000 pieces of rental equipment.

To support its rig fleets, Precision developed complementary business lines. Precision entered the camp and catering business with the 1993 acquisition of LRG Oilfield Services and augmented its rig manufacturing and logistical support capabilities with the acquisitions of Rostel Industries in 1996 and Columbia Oilfield Supply in 1997. In 2005 Precision Corporation converted to an open-ended income trust and in 2006 Precision entered the campsite wastewater treatment business with the acquisition of Terra Water Group.

1951

• Precision Drilling Ltd. begins operations as an oil and gas drilling contractor.

1974

• Acquires oil and gas properties and enters into two business lines: contract drilling, and oil and gas exploration and production.

1984

• Cimarron Petroleum Ltd. establishes a drilling division, Cypress Drilling Ltd., which it divests of the next year.

1985

• Cypress Drilling begins operations as an independent company with 4 rigs and Hank Swartout as President. Shares trade on the Alberta Stock Exchange.

1987

• Cypress completes the reverse takeover of the contract drilling business of Precision Drilling Ltd. Cypress, with 19 rigs, is renamed Precision Drilling (1987) Ltd.
• The original Precision Drilling Ltd. is renamed Parasol Oil & Gas Ltd.

1988

• Precision Drilling shares trade on the Toronto Stock Exchange
• Acquires Spartan Drilling Ltd. Adds 18 drilling rigs.

1990

• Precision builds world's most advanced land slant drilling rig. Capable of drilling 2,500 metres.
• Hank Swartout appointed Chairman of the Board in addition to President and Chief Executive Officer.

1992

• Precision Drilling (1987) Ltd. becomes Precision Drilling Corporation.
• Creates Montero Resources Corp. to pursue oil and gas exploration and production.
• Acquires Sierra Drilling Ltd. Adds 4 rigs and international business opportunities.

1993

• Acquires Duranco Drilling Ltd. Adds 5 drilling rigs.
• Acquires Arrowstar Drilling Corp. Adds 20 drilling rigs.
• Acquires LRG Oilfield Services Ltd. Adds 7 worksite camps and a catering business.
• PD International Services established with initial operations in Venezuela.

1994

• Acquires Geosearch Drilling Ltd. Adds 21 drilling rigs and 6 camps.

1996

• Acquires EnServ Corp., Adds 25 service rigs, 20 snubbing units and diversified oilfield services.
• Acquires Gram Well Servicing Ltd. Adds 12 service rigs.
• Acquires Rostel Industries Ltd.
• Shares trade on the New York Stock Exchange.

1997

• Acquires Brelco Drilling Ltd. Adds 17 drilling rigs.
• Acquires Ducharme Oilfield Rentals Ltd.
• Acquires Kenting Energy Services Inc. Adds 94 drilling rigs in Canada and 12 drilling and service rigs in Argentina and joint ventures in Azerbaijan and Oman.
• Acquires Columbia Oilfield Supply Ltd. and Capital Oilfield Equipment Ltd.
• Live Well Service first international operations in Spain and Sicily.

1998

• Acquires Brinkerhoff Drilling General Partnership. Adds 7 rigs.
• Acquires Northland Energy Corp. and Inter Tech Drilling Solutions Ltd. Adds International underbalanced drilling operations.
• Acquires Widney Well Servicing Ltd. Adds 16 service rigs.

1999

• Acquires Computalog Ltd. Adds wireline logging, directional drilling and measurement while drilling operations in Canada, the United States, South America and India.

2000

• Acquires J.J. Exchangers Industries Ltd. Adds plant maintenance and mechanical shutdown operations.
• Precision International awarded contract to drill in Kazakhstan.
• Acquires Plains Energy Services Ltd. Adds wireline, coiled tubing, well completion products and cementing/fracturing/acidizing operations.
• Acquires CenAlta Energy Services Inc. Adds 164 service rigs and 10 drilling rigs.
• Acquires majority stake in United Diamond Ltd. Adds design, manufacture and marketing of polycrystalline diamond compact drill bits.
• Acquires Norward Energy Services, a division of Baker Hughes Inc.
• Acquires directional drilling and electromagnetic measurement-while-drilling assets of France-based Geoservices SA.

2001

• Acquires Texas-based Premium Pump Services, Inc.
• Four Lakes Precision Drilling Limited Partnership is formed with Treaty Six First Nations. Operates jointly owned drilling rig principally on Treaty Six First Nation's lands.
• Acquires BecField Drilling Services Ltd. Adds directional and measurement-while-drilling services in Europe and the Middle East.
• PD Mexicana, a joint venture of Precision and BJ Services Company, awarded an integrated services contract for 240 gas wells in Mexico.
• Awarded integrated multi-well contract for underbalanced drilling and separation services in Mexico.

2002

• Awarded 15-well contract with Niko Resources in India.
• Awarded contract to provide wireline services for Nexen in Yemen.
• Acquires NightHawk Vacuum Services Ltd. Adds 175 vacuum trucks.

2003

• Divests natural gas compression packaging business Energy Industries Inc. to Tormont Industries Ltd.
• Acquires MacKenzie Caters (1984) Ltd. Brings camp fleet to 92.
• Fabricates, mobilizes and operates drilling rig for Niko Resources on a platform offshore India.
• Precision Rentals Ltd. created by combining Smoky Oilfield Rentals, Big D Rentals and Ducharme Oilfield Rentals.
• Precision and Royal Dutch Shell awarded four-year contact extension to provide underbalanced drilling services in Oman.

2004

• Precision Energy Services created to serve as a global brand for Wireline Services, Production Services and Drilling & Evaluation Services.
• Acquires from Global SantaFe Corp. 31 drilling rigs in the Middle East, North Africa and South America and specialized rig transport equipment in the Middle East.
• Acquires U.K.-based Reeves Oilfield Services Ltd. Adds formation evaluation logging systems worldwide.

2005

• Divests the Energy Services and International Contract Drilling divisions to Weatherford International Ltd. for 26 million common shares of Weatherford and approximately $1.13 billion.
• Divests CEDA International Corp. to Borealis Investments Inc. for approximately $274 million.
• Security holders vote 93% in favour of conversion to income structure on October 31, 2005.
• Precision Drilling Trust units first trade on the Toronto and New York stock exchanges on November 7, 2005.

2006

• Acquires Terra Water Systems Ltd. Adds wastewater treatment technology and services.
• Initiates U.S. drilling operations in Texas.

2007

• Executive Chairman Hank Swartout announces his retirement from Precision.
• Kevin Neveu is appointed Chief Executive Officer and Robert Phillips, a director of Precision since 2004, is appointed Chairman of the Board.