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

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. Today, Precision operates more than 226 service rigs and 28 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 in 1993 through an acquisition and augmented its rig manufacturing and logistical support capabilities with acquisitions in 1996 and 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.

Precision began to organically grow into the United States drilling market in late 2007 and continues that effort today.  To augment these efforts, in late 2008, Precision acquired Grey Wolf, Inc., a U.S. based driller with 123 land rigs in the United States and Mexico.