The completion of the Trans Mountain pipeline expansion is leading to a boom in demand for drilling services, said Precision Drilling
The company has 48 rigs currently operating where last year it had 38, and expects demand to continue. It also expects a boost to well servicing contracts. The company reported 38 active drilling rigs in the U.S. for its first quarter compared with 60 for the first quarter of 2023. The company says the profit amounted to $2.53 per diluted share for the quarter ended March 31, down from $5.57 per diluted share the same time last year.The company is focused on cost reductions, paying down debt and returning profits to shareholders, said Neveu.
Quarter Demand Company Share Neveu Precision United States Drilling Trans Mountain West Coast Canada
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