Precision drilling
| Precision drilling | |
|---|---|
| legal form | Corporation |
| ISIN | CA74022D3085 |
| founding | 1969 |
| Seat | Calgary , Canada |
| management | CEO : Kevin A. Neveu (2008) |
| Number of employees | 9365 (2008) |
| sales | $ 2,300 million (2004) |
| Website | www.precisiondrilling.com |
Precision Drilling is the largest Canadian service provider for oil production with currently more than 240 production platforms worldwide.
history
The company was founded in 1951 as a natural gas company. In 1969 the company merged to Precision Drilling Co. Ltd . In 1984 Precision Drilling buys the first three production platforms and starts producing oil. In 1987 Cypress Drilling Ltd is acquired - the company now has 27 production platforms. Spartan Drilling followed in 1988 - now there are 35 production platforms. In 1990 the company invented a new type of drilling platform that turned in big profits. In 1992 Precision Drilling goes international, acquiring Sierra Drilling, including a 50% stake in Sierra Drill Manufacturing . Through further acquisitions, 83 production platforms will be reached by 1994.
Further diversification begins in 1996 with the acquisition of EnServ Corporation for $ 223 million. In 1997 a number of oil drilling companies were taken over, including Lynx with 94 oil platforms in Canada, so that the number of 207 production platforms will be reached by the end of the year. 1999 buys Precision company Computalog Ltd and later underbalanced drilling Systems Ltd that complete the portfolio. In 2000, oil production rights can then be acquired in Kazakhstan .
Precision has been listed on the Toronto Stock Exchange TSX (symbol PD.UN) and on the New York Stock Exchange NYSE (symbol PDS) since 2005 .