EX-99.2 5 exh99_2.htm EXHIBIT 99.2
Exhibit 99.2
 
 
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)
  
March 31,
2017
    
December 31,
2016
  
ASSETS
            
Current assets:
            
Cash
  
$
120,580
    
$
115,705
  
Accounts receivable
    
319,349
      
293,682
  
Income tax recoverable
    
38,732
      
38,087
  
Inventory
    
25,577
      
24,136
  
Total current assets
    
504,238
      
471,610
  
Non-current assets:
                
Property, plant and equipment
    
3,546,913
      
3,641,889
  
Intangibles
    
3,260
      
3,316
  
Goodwill
    
207,125
      
207,399
  
Total non-current assets
    
3,757,298
      
3,852,604
  
Total assets
  
$
4,261,536
    
$
4,324,214
  
                 
LIABILITIES AND EQUITY
                
Current liabilities:
                
Accounts payable and accrued liabilities
  
$
255,346
    
$
240,736
  
Total current liabilities
    
255,346
      
240,736
  
Non-current liabilities:
                
Share based compensation (Note 6)
    
13,640
      
27,387
  
Provisions and other
    
12,257
      
12,421
  
Long-term debt (Note 3)
    
1,892,739
      
1,906,934
  
Deferred tax liabilities
    
150,347
      
174,618
  
Total non-current liabilities
    
2,068,983
      
2,121,360
  
Shareholders’ equity:
                
Shareholders’ capital (Note 4)
    
2,319,293
      
2,319,293
  
Contributed surplus
    
40,070
      
38,937
  
Deficit
    
(575,182
)
    
(552,568
)
Accumulated other comprehensive income (Note 5)
    
153,026
      
156,456
  
Total shareholders’ equity
    
1,937,207
      
1,962,118
  
Total liabilities and shareholders’ equity
  
$
4,261,536
    
$
4,324,214
  

See accompanying notes to interim consolidated financial statements.
 
 
1


INTERIM CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars, except per share  amounts)
  
2017
    
2016
  
Revenue
  
$
345,800
    
$
301,727
  
                 
Expenses:
                
Operating
    
236,206
      
171,837
  
General and administrative
    
25,286
      
27,187
  
Restructuring
    
–
      
3,439
  
Earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange and depreciation and amortization
    
84,308
      
99,264
  
Depreciation and amortization
    
97,163
      
95,249
  
Operating earnings (loss)
    
(12,855
)
    
4,015
  
Foreign exchange
    
47
      
7,581
  
Finance charges (Note 7)
    
32,982
      
36,237
  
Gain on repurchase of unsecured senior notes
    
–
      
(4,873
)
Loss before income taxes
    
(45,884
)
    
(34,930
)
Income taxes:
                
Current
    
890
      
(2,964
)
Deferred
    
(24,160
)
    
(12,083
)
     
(23,270
)
    
(15,047
)
Net loss
  
$
(22,614
)
  
$
(19,883
)
Net loss per share: (Note 8)
                
Basic
  
$
(0.08
)
  
$
(0.07
)
Diluted
  
$
(0.08
)
  
$
(0.07
)
See accompanying notes to interim consolidated financial statements.



INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars)
  
2017
    
2016
  
Net loss
  
$
(22,614
)
  
$
(19,883
)
Unrealized loss  on translation of assets and liabilities of operations denominated in foreign currency
    
(18,554
)
    
(154,098
)
Foreign exchange gain on net investment hedge with U.S. denominated debt, net of tax
    
15,124
      
125,473
  
Comprehensive loss
  
$
(26,044
)
  
$
(48,508
)
See accompanying notes to interim consolidated financial statements.

 
2


INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

   
Three months ended March 31,
  
(Stated in thousands of Canadian dollars)
  
2017
    
2016
  
Cash provided by (used in):
            
Operations:
            
Net loss
  
$
(22,614
)
  
$
(19,883
)
Adjustments for:
                
Long-term compensation plans
    
2,933
      
7,524
  
Depreciation and amortization
    
97,163
      
95,249
  
Gain on repurchase of unsecured senior notes
    
–
      
(4,873
)
Foreign exchange
    
48
      
7,983
  
Finance charges
    
32,982
      
36,237
  
Income taxes
    
(23,270
)
    
(15,047
)
Other
    
(170
)
    
(378
)
Income taxes paid
    
(1,050
)
    
(5,767
)
Income taxes recovered
    
332
      
–
  
Interest paid
    
(1,908
)
    
(8,031
)
Interest received
    
1,213
      
579
  
Funds provided by operations
    
85,659
      
93,593
  
Changes in non-cash working capital balances
    
(51,889
)
    
18,581
  
     
33,770
      
112,174
  
Investments:
                
Purchase of property, plant and equipment
    
(22,092
)
    
(27,161
)
Proceeds on sale of property, plant and equipment
    
2,218
      
2,157
  
Changes in non-cash working capital balances
    
(8,391
)
    
(26,109
)
     
(28,265
)
    
(51,113
)
Financing:
                
Repurchase of unsecured senior notes
    
–
      
(8,409
)
Debt issue costs
    
(341
)
    
–
  
Issuance of common shares on the exercise of options
    
–
      
190
  
     
(341
)
    
(8,219
)
 
Effect of exchange rate changes on cash and cash equivalents
    
(289
)
    
(21,245
)
Increase in cash and cash equivalents
    
4,875
      
31,597
  
Cash and cash equivalents, beginning of period
    
115,705
      
444,759
  
Cash and cash equivalents, end of period
  
$
120,580
    
$
476,356
  
See accompanying notes to interim consolidated financial statements.
 
 
3


INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)



(Stated in thousands of Canadian dollars)
  
Shareholders’
capital
    
Contributed
surplus
    
Accumulated
other
comprehensive
income
(Note 5)
    
Deficit
    
Total
equity
  
Balance at January 1, 2017
  
$
2,319,293
    
$
38,937
    
$
156,456
    
$
(552,568
)
  
$
1,962,118
  
Net loss for the period
    
–
      
–
      
–
      
(22,614
)
    
(22,614
)
Other comprehensive loss for the period
    
–
      
–
      
(3,430
)
    
–
      
(3,430
)
Share based compensation expense (Note 6)
    
–
      
1,133
      
–
      
–
      
1,133
  
Balance at March 31, 2017
  
$
2,319,293
    
$
40,070
    
$
153,026
    
$
(575,182
)
  
$
1,937,207
  



(Stated in thousands of Canadian dollars)
  
Shareholders’
capital
    
Contributed
surplus
    
Accumulated
other
comprehensive
income
    
Deficit
    
Total
equity
  
Balance at January 1, 2016
  
$
2,316,321
    
$
35,800
    
$
166,101
    
$
(397,013
)
  
$
2,121,209
  
Net loss for the period
    
–
      
–
      
–
      
(19,883
)
    
(19,883
)
Other comprehensive loss for the period
    
–
      
–
      
(28,625
)
    
–
      
(28,625
)
Share options exercised
    
294
      
(104
)
    
–
      
–
      
190
  
Share based compensation expense (Note 6)
    
–
      
1,209
      
–
      
–
      
1,209
  
Balance at March 31, 2016
  
$
2,316,615
    
$
36,905
    
$
137,476
    
$
(416,896
)
  
$
2,074,100
  
See accompanying notes to interim consolidated financial statements.


4


NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Tabular amounts are stated in thousands of Canadian dollars except share numbers and per share amounts)
NOTE 1. DESCRIPTION OF BUSINESS
Precision Drilling Corporation (“Precision” or the “Corporation”) is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada, the United States and certain international locations. The address of the registered office is Suite 800, 525 - 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1G1.

NOTE 2. BASIS OF PRESENTATION
(a) Statement of Compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Corporation as at and for the year ended December 31, 2016.
These condensed consolidated interim financial statements were prepared using accounting policies and methods of their application consistent with those used in the preparation of the Corporation’s consolidated audited annual financial statements for the year ended December 31, 2016.
These condensed consolidated interim financial statements were approved by the Board of Directors on April 21, 2017.
(b) Seasonality
Precision has operations that are carried on in Canada which represent approximately 41% (2016 - 45%) of consolidated total assets as at March 31, 2017 and 52% (2015 - 41%) of consolidated revenue for the three months ended March 31, 2017. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up” has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision’s slowest time in this region.
(c) Accounting Standards, Interpretations and Amendments to Existing Standards not yet Effective
IFRS 15, Revenue from Contracts with Customers, becomes effective for annual reporting periods beginning on or after January 1, 2018. The Corporation has made progress in its determination of performance obligations in its drilling and well servicing contracts and is currently evaluating the performance obligations for its other revenue streams. At this point, the Corporation has not determined the impact that the implementation of this new standard will have on its financial statements.
(d) Reclassification of prior period amounts
Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period.

5

NOTE 3. LONG-TERM DEBT
   
March 31,
    
December 31,
  
   
2017
    
2016
  
Senior Credit Facility
  
$
–
    
$
–
  
Unsecured senior notes:
                
6.625% senior notes due 2020 (US$371.8 million)
    
495,247
      
499,150
  
6.5% senior notes due 2021 (US$318.6 million)
    
424,472
      
427,818
  
7.75% senior notes due 2023 (US$350.0 million)
    
466,270
      
469,945
  
5.25% senior notes due 2024 (US$400.0 million)
    
532,880
      
537,080
  
     
1,918,869
      
1,933,993
  
Less net unamortized debt issue costs
    
(26,130
)
    
(27,059
)
   
$
1,892,739
    
$
1,906,934
  
                 
On January 20, 2017 we agreed with the lenders of our Senior Credit Facility to reduce the Adjusted EBITDA (as defined in the debt agreement) to interest expense coverage ratio to greater than 1.25:1 for the periods ending March 31, June 30 and September 30, 2017.  For the periods ending December 31, 2017 and March 31, 2018 the ratio is 1.5:1 reverting to 2.5:1 thereafter.  Further we reduced the size of the facility to US$525 million and suspended the increase in the accordion feature to US$275 million until the end of covenant relief period.

At March 31, 2017 we were in compliance with the covenants of our Senior Credit Facility.

The senior notes require that we comply with certain covenants including an incurrence based test consolidated interest coverage ratio test, as defined in the senior note agreements, of greater than 2.0:1 for the most recent four consecutive fiscal quarters. In the event that our consolidated interest coverage ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict our ability to incur additional indebtedness. As at March 31, 2017, our senior notes consolidated interest coverage ratio was 1.40:1 which limits our ability to incur additional indebtedness, except as permitted under the agreements, until such time as we are in compliance with the ratio test but would not restrict our access to available funds under the senior credit facility or refinance our existing debt. Furthermore, it does not give rise to any cross-covenant violations, give the lenders the right to demand repayment of any outstanding portion of the senior notes prior to the stated maturity dates, or provide any other forms of recourse to the lenders.
Long-term debt obligations at March 31, 2017 will mature as follows:

2020
  
$
495,247
  
2021
    
424,472
  
Thereafter
    
999,150
  
   
$
1,918,869
  

 NOTE 4. SHAREHOLDERS’ CAPITAL
 
Number
  
Amount
  
Common shares
        
Balance December 31, 2016 and March 31, 2017
    
293,238,858
    
$
2,319,293
  



6


NOTE 5. ACCUMULATED OTHER COMPREHENSIVE INCOME

   
Unrealized
Foreign Currency
Translation Gains
    
Foreign Exchange
Loss on Net Investment Hedge
    
Accumulated Other Comprehensive
Income
  
Balance, December 31, 2016
  
$
587,278
    
$
(430,822
)
  
$
156,456
  
Other comprehensive income (loss)
    
(18,554
)
    
15,124
      
(3,430
)
Balance, March 31, 2017
  
$
568,724
    
$
(415,698
)
  
$
153,026
  
NOTE 6. SHARE BASED COMPENSATION PLANS

Liability Classified Plans
   
Restricted Share Units(a)
    
Performance Share Units(a)
    
Share Appreciation Rights(b)
    
Non-Management Directors’ DSUs(c)
    
Total
  
Balance, December 31, 2016
  
$
15,592
    
$
29,045
    
$
3
    
$
4,602
    
$
49,242
  
Expensed (recovered) during the period
    
1,427
      
1,158
      
(3
)
    
(444
)
    
2,138
  
Payments
    
(10,541
)
    
(12,956
)
    
–
      
–
      
(23,497
)
Balance, March 31, 2017
  
$
6,478
    
$
17,247
    
$
–
    
$
4,158
    
$
27,883
  
                                         
Current
  
$
4,828
    
$
9,415
    
$
–
    
$
–
    
$
14,243
  
Long-term
    
1,650
      
7,832
      
–
      
4,158
      
13,640
  
   
$
6,478
    
$
17,247
    
$
–
    
$
4,158
    
$
27,883
  


 (a) Restricted Share Units and Performance Share Units
 A summary of the activity under the restricted share unit (RSUs) and the performance share unit (PSUs) plans are presented below:
   
RSUs
Outstanding
    
PSUs
Outstanding
  
December 31, 2016
    
3,129,039
      
6,493,798
  
Granted
    
1,020,500
      
1,926,100
  
Redeemed
    
(1,381,122
)
    
(1,253,707
)
Forfeitures
    
(68,555
)
    
(52,507
)
March 31, 2017
    
2,699,862
      
7,113,684
  

 
7


(b) Share Appreciation Rights
A summary of the activity under the share appreciation rights plan is presented below:

   
Outstanding
    
Range of
Exercise Price
(US$)
    
Weighted
Average
Exercise Price
(US$)
    
Exercisable
  
December 31, 2016
    
253,376
    
$
15.22 – 15.79
    
$
15.47
      
253,376
  
Forfeitures
    
(109,307
)
    
15.79–15.79
      
15.79
          
March 31, 2017
    
144,069
    
$
15.22–15.22
    
$
15.22
      
144,069
  


(c)  Non-Management Directors – Deferred Share Unit Plan
A summary of the activity under the non-management director deferred share unit plan is presented below:

   
Outstanding
  
December 31, 2016
    
621,821
  
Granted
    
59,336
  
March 31, 2017
    
681,157
  
 

Equity Settled Plans
(d)  Non-Management Directors
Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan fully vested deferred share units were granted quarterly based upon an election by the non-management director to receive all or a portion of their compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director's retirement. A summary of the activity under this share based incentive plan is presented below:

Deferred Share Units
  
Outstanding
  
December 31,2016 and March 31, 2017
    
195,743
  

(e) Option Plan

A summary of the activity under the option plan is presented below:
Canadian share options
  
Outstanding
    
Range of Exercise Price
    
Weighted
Average
Exercise Price
    
Exercisable
  
December 31, 2016
    
6,188,672
    
$
4.46
      
–
      
14.50
    
$
8.70
      
4,369,155
  
Granted
    
377,100
      
7.30
      
–
      
7.30
      
7.30
          
Forfeitures
    
(708,501
)
    
8.59
      
–
      
8.59
      
8.59
          
March 31, 2017
    
5,857,271
    
$
4.46
      
–
      
14.50
    
$
8.62
      
4,594,394
  
 
 
8


U.S. share options
  
Outstanding
    
Range of Exercise Price (US$)
    
Weighted
Average
Exercise Price (US$)
    
Exercisable
  
December 31, 2016
    
5,337,070
    
$
3.21
      
–
      
15.21
    
$
6.69
      
2,626,326
  
Granted
    
1,152,200
      
5.57
      
–
      
5.57
      
5.57
          
Forfeitures
    
(294,367
)
    
8.06
      
–
      
10.74
      
8.15
          
March 31, 2017
    
6,194,903
    
$
3.21
      
–
      
15.21
    
$
6.41
      
3,442,558
  



The per option weighted average fair value of the share options granted during 2017 was $3.11 estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: average risk-free interest rate 1.5%, average expected life of four years, expected forfeiture rate of 5% and expected volatility of 54%. Included in net earnings for the three months ended March 31, 2017 is an expense of $1.1 million (2016 - $1.2 million).
NOTE 7. FINANCE CHARGES
 
Three months ended March 31,
  
 
2017
  
2016
  
Interest:
        
Long-term debt
  
$
32,717
    
$
35,352
  
Other
    
142
      
175
  
Income
    
(1,202
)
    
(598
)
Amortization of debt issue costs
    
1,325
      
1,308
  
Finance charges
  
$
32,982
    
$
36,237
  


NOTE 8. PER SHARE AMOUNTS
The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted net loss per share:
 
Three months ended March 31,
  
 
2017
    
2016
  
Net loss - basic and diluted
  
$
(22,614
)
  
$
(19,883
)
                 
 
Three months ended March 31,
  
(Stated in thousands)
    
2017
      
2016
  
Weighted average shares outstanding – basic
    
293,239
      
292,919
  
Effect of stock options and other equity compensation plans
    
–
      
–
  
Weighted average shares outstanding – diluted
    
293,239
      
292,919
  

 
9

 
NOTE 9. SEGMENTED INFORMATION
The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
Three months ended March 31, 2017
  
Contract
Drilling
Services
    
Completion
and
Production Services
    
Corporate
and Other
    
Inter-
Segment Eliminations
    
Total
  
Revenue
  
$
301,057
    
$
46,349
    
$
–
    
$
(1,606
)
  
$
345,800
  
Operating earnings (loss)
    
7,476
      
(2,816
)
    
(17,515
)
    
–
      
(12,855
)
Depreciation and amortization
    
86,189
      
7,403
      
3,571
      
–
      
97,163
  
Total assets
    
3,850,112
      
225,930
      
185,494
      
–
      
4,261,536
  
Goodwill
    
207,125
      
–
      
–
      
–
      
207,125
  
Capital expenditures
    
18,507
      
1,554
      
2,031
      
–
      
22,092
  

Three months ended March 31, 2016
  
Contract
Drilling
Services
    
Completion
and
Production
Services
    
Corporate
and Other
    
Inter-
Segment Eliminations
    
Total
  
Revenue
  
$
274,837
    
$
28,454
    
$
–
    
$
(1,564
)
  
$
301,727
  
Operating earnings (loss)
    
31,338
      
(9,417
)
    
(17,906
)
    
–
      
4,015
  
Depreciation and amortization
    
84,279
      
7,210
      
3,760
      
–
      
95,249
  
Total assets
    
3,936,936
      
213,458
      
468,632
      
–
      
4,619,026
  
Goodwill
    
206,207
      
–
      
–
      
–
      
206,207
  
Capital expenditures
    
24,733
      
343
      
2,085
      
–
      
27,161
  


The Corporation’s operations are carried on in the following geographic locations:
Three months ended  March 31, 2017
Canada
  
United States
  
International
  
Inter-
Segment Eliminations
  
Total
  
Revenue
  
$
178,235
    
$
123,064
    
$
48,078
    
$
(3,577
)
  
$
345,800
  
Total assets
    
1,750,041
      
1,830,094
      
681,401
      
–
      
4,261,536
  
Three months ended March 31, 2016
Canada
  
United States
  
International
  
Inter-Segment Eliminations
  
Total
  
Revenue
  
$
124,755
    
$
135,094
    
$
43,628
    
$
(1,750
)
  
$
301,727
  
Total assets
    
2,094,586
      
1,908,938
      
615,502
      
–
      
4,619,026
  



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NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS
The carrying value of cash, accounts receivable, and accounts payable and accrued liabilities approximate their fair value due to the relatively short period to maturity of the instruments. The fair value of the unsecured senior notes at March 31, 2017 was approximately $1,924 million (December 31, 2016 - $1,917 million).
Financial assets and liabilities recorded or disclosed at fair value in the consolidated balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair determination and are as follows:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The estimated fair value of unsecured senior notes is based on level II inputs. The fair value is estimated considering the risk free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.


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SHAREHOLDER INFORMATION
STOCK EXCHANGE LISTINGS
Shares of Precision Drilling Corporation are listed on the Toronto Stock Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company of Canada
 Calgary, Alberta
TRANSFER POINT
Computershare Trust Company NA
 Canton, Massachusetts
Q1 2017 TRADING PROFILE
Toronto (TSX: PD)
High: $8.11
Low: $5.82
Close: $6.29
Volume Traded: 100,508,662
New York (NYSE: PDS)
High: US$6.14
Low: US$4.33
Close: US$4.72
Volume Traded: 170,440,900
ACCOUNT QUESTIONS
Precision’s Transfer Agent can help you with a variety of shareholder related services, including:
• change of address
• lost unit certificates
• transfer of shares to another person
• estate settlement
Computershare Trust Company of Canada
100 University Avenue
9th Floor, North Tower
Toronto, Ontario M5J 2Y1
Canada
1-800-564-6253 (toll free in Canada and the United States)
1-514-982-7555 (international direct dialing)
Email: service@computershare.com
ONLINE INFORMATION
To receive news releases by email, or to view this interim report online, please visit Precision’s website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR and is available at www.sedar.com and on the EDGAR website www.sec.gov
  
CORPORATE INFORMATION

DIRECTORS
William T. Donovan
Brian J. Gibson
Allen R. Hagerman, FCA
Catherine J. Hughes
Steven W. Krablin
Stephen J.J. Letwin
Kevin O. Meyers
Kevin A. Neveu
Robert L. Phillips

OFFICERS
Kevin A. Neveu
President and Chief Executive Officer

Douglas B. Evasiuk
Senior Vice President, Sales and Marketing

Veronica Foley
Senior Vice President, General Counsel and Corporate Secretary

Carey Ford
Senior Vice President and Chief Financial Officer

Darren J. Ruhr
Senior Vice President, Corporate Services

Gene C. Stahl
President, Drilling Operations

AUDITORS
KPMG LLP
Calgary, Alberta

HEAD OFFICE
Suite 800, 525 8th Avenue SW
Calgary, Alberta, Canada T2P 1G1
Telephone: 403-716-4500
Facsimile: 403-264-0251
Email: info@precisiondrilling.com
www.precisiondrilling.com

 
 
 
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