Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service & snubbing rigs, coiled tubing services, camps, rental equipment, and water treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel. Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol "PD" and on the New York Stock Exchange under the trading symbol "PDS".
Precision 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. The Corporation's fleet has expanded through additions of new build drilling rigs and corporate acquisitions, notably the acquisition in 2008 of Grey Wolf, Inc., a leading US-based drilling contractor with operations in Mexico and the Middle East. Today, Precision has a broad North American footprint and operates a large fleet of high performance, horizontal and directional drilling rigs well suited to meet the demands of its customers' unconventional drilling programs. Precision also has a growing international drilling presence where the Corporation is focused on pursuing business in markets where Precision's High Performance, High Value strategy is demanded by customers.
Precision's Completion and Production Services Segment began in 1996 with the acquisition of a well service company and a diversified oil service company the same year. Through additional acquisitions, investments in new equipment and development of skilled personnel, Precision has become the largest well servicing provider in Canada. In addition to well servicing, Precision has grown the Completion and Production Services Segment through product and service line expansion and today has a large fleet of rental equipment for customers in the Canadian and U.S. markets, a camps and catering business, snubbing and coiled tubing services, and a wastewater treatment division, Terra Water. 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).