Precision Drilling Ltd. was founded as a private drilling contractor in the early 1950s and has grown to be one of the largest oilfield service providers in North America. Precision operates a versatile fleet of 352 land rigs capable of drilling a range of shallow to very deep or extended-reach wells in Canada, the United States and internationally. The fleet has been expanded through a combination of new build rigs and corporate acquisitions, notably the acquisition in 2008 of Grey Wolf, Inc., a US based drilling contractor with operations in Mexico.

Expansion into businesses that became Precision Well Servicing, Live Well Service and Precision Rentals began with the acquisition of a diversified oilfield services company in 1996. These subsidiaries, which operate primarily in Canada, operate 200 well completion and workover service rigs, 20 snubbing units and approximately 11,300 oilfield rental items.

To support its rig fleets, Precision developed complementary business lines. Precision entered the camp and catering business in 1993 through an acquisition and augmented its rig manufacturing and logistical support capabilities with acquisitions in 1996 and 1997. In 2006, Precision entered the campsite wastewater treatment business with the acquisition of Terra Water Group and has 78 wastewater treatment units.

Precision Drilling Corporation became an open-ended income trust in 2005. Effective June 1, 2010 Precision Drilling Trust converted to a growth-oriented corporation pursuant to a plan of arrangement under the Business Corporations Act (Alberta).