<SEC-DOCUMENT>0001171843-20-003072.txt : 20200430
<SEC-HEADER>0001171843-20-003072.hdr.sgml : 20200430
<ACCEPTANCE-DATETIME>20200430060611
ACCESSION NUMBER:		0001171843-20-003072
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200430
FILED AS OF DATE:		20200430
DATE AS OF CHANGE:		20200430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		20832976

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_043020.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of April 2020</strong></p><p style="text-align: center;">Commission File Number: 001-14534</p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Precision Drilling Corporation</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>800, 525 - 8 Avenue S.W.<br />Calgary, Alberta<br />Canada T2P 1G1</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;Precision Drilling Corporation&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: <strong>April 30, 2020</strong></td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/Carey T. Ford&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Carey T. Ford</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Senior Vice President and Chief Financial Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">DESCRIPTION</font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">PRECISION DRILLING CORPORATION ANNOUNCES 2020 FIRST QUARTER UNAUDITED FINANCIAL RESULTS</a> </font></td></tr></table></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Precision Drilling Corporation Announces 2020 First Quarter Unaudited Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="justify">CALGARY, Alberta, April  30, 2020  (GLOBE NEWSWIRE) -- <em>This news release contains &#8220;forward-looking information and statements&#8221; within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the &#8220;Cautionary Statement Regarding Forward-Looking Information and Statements&#8221; later in this news release. </em><em>This news release contains references to Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies, see &#8220;Non-GAAP Measures&#8221; later in this news release.</em></p>  <p>Precision Drilling announces 2020 first quarter financial results:</p>  <ul type="disc"><li>Revenue of $379 million was a decrease of 13% compared with the first quarter of 2019.</li><li>Net loss of $5 million or negative $0.02 per diluted share compared to net earnings of $25 million or $0.08 per diluted share in the comparable 2019 period.</li><li>Earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, impairment reversal, gain on asset disposals and depreciation and amortization (Adjusted EBITDA, see &#8220;NON-GAAP MEASURES&#8221;) of $102 million was 6% lower than the first quarter of 2019.</li><li>Generated cash and funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) of $75 million and $81 million, respectively.</li><li>First quarter ending cash balance was $97 million, an increase of $22 million from December 31, 2019.</li><li>First quarter capital expenditures were $12 million.</li><li>Reduced our unsecured senior notes balance by $41 million and repurchased and cancelled 3 million common shares for $5 million.</li><li>Recognized restructuring charges of $10 million, comprised of $9 million of severance and $1 million of costs associated with the shutdown of our U.S. directional drilling operations.</li><li>To secure our liquidity position, on April 9, 2020, we amended our Senior Credit Facility to provide temporary covenant relief through March 31, 2022.</li></ul>  <p align="justify">Precision&#8217;s President and CEO Kevin Neveu stated.</p>  <p align="justify">&#8220;The COVID-19 virus outbreak and associated mitigation efforts, including travel and economic restrictions, has led to a severe destruction in global oil demand. This has been compounded by an oil price war, led by major oil producing countries, resulting in collapsed commodity prices and the deepest downturn the oil and gas services industry has ever experienced. While Precision&#8217;s first quarter results were only nominally impacted by the commodity price collapse, we expect a significant and sustained reduction in customer demand for oil and gas services well into next year.&#8221;</p>  <p align="justify">&#8220;Precision first responded by implementing comprehensive safety protocols to protect the health and welfare of our people and stakeholders from the risks of COVID-19. As a result of acting quickly and aggressively, Precision has not suffered a shut down, interruption in services, or any capability reduction due to the pandemic. We previously announced a series of steps to substantially reduce our fixed costs and capital spending plans, while continuing to support our High Performance, High Value business model. We believe these expenditure reductions and other cash preservation measures will reduce our 2020 annualized cash outflow by more than $100 million, continue to generate substantial savings in 2021 and improve our existing liquidity position. Furthermore, we worked with our banking group to amend the covenants on our revolving credit facility to maintain revolver access during these uncertain times with relief through the first quarter of 2022. We will continue to prioritize Precision&#8217;s cash liquidity during this downturn and will actively pursue any additional cash generating opportunities within the organization.&#8221;</p>  <p align="justify">&#8220;Despite the weakening North American industry rig activity during the first quarter, Precision generated better than expected financial results with Adjusted EBITDA of $102 million and cash provided by operations of $75 million. We executed on our deleveraging strategic priority, retiring $41 million of debt, while increasing our cash balance by $22 million to $97 million. Combined with our undrawn Senior Credit Facility, we exited the quarter with over $800 million in available liquidity. We have positioned our business to operate through lower activity periods and believe our cash flow generation profile will allow us to maintain strong liquidity, manage our debt maturities and reduce financial leverage over time.&#8221;</p>  <p align="justify">&#8220;Our other strategic priorities of demonstrating operational excellence and leveraging our Alpha technology platform as a differentiator remain critical in today&#8217;s operating environment. We believe our strong North American market share achieved during the first quarter and sustained through the current downturn demonstrates Precision&#8217;s competitive positioning and operational excellence.&#8221;</p>  <p align="justify">&#8220;Once rig activity stabilizes, we expect our customers&#8217; attention will shift back to capital efficiency and rig performance. We expect Precision&#8217;s modern Super Triple rig fleet and industry leading technology offering will continue to position us well to reliably meet these requirements. Precision&#8217;s AlphaAutomation continues to perform very well and is generating commercial returns. During the quarter, we installed six systems bringing our installed base up to 40 rigs, including our two training rigs. We recently partnered with a large U.S. customer to launch AlphaAnalytics on their full fleet of Precision rigs. During the first quarter an IOC standardized all U.S. Precision rigs to have AlphaAutomation and will be utilizing several apps on each rig. We believe our High Performance, High Value service offering will continue to appeal to customers requiring predictable and repeatable results.&#8221;</p>  <p align="justify">&#8220;We are encouraged by the Canadian federal government&#8217;s $1.7 billion well abandonment and site rehabilitation program, which we anticipate will be largely allocated to well service providers. We believe that we are very well positioned to capture these opportunities.&#8221;</p>  <p align="justify">&#8220;The voracity of this downturn is felt most by the many thousands of dedicated men and women working in this industry and especially those who through no fault of their own are now without jobs. It is my, and the Precision organization&#8217;s hope, that as our industry recovers, we can attract those people back. We have faced significant challenges to start 2020 and Precision&#8217;s people have responded exceptionally well by executing our enhanced safety protocols and cost reduction initiatives while ensuring we continue to support our customers&#8217; needs. We are thankful for their continued strong performance despite the ongoing challenges of this pandemic event&#8221; concluded Mr. Neveu.</p>  <p align="justify"><strong>IMPACT OF COVID-19</strong></p>  <p align="justify">In March 2020, the coronavirus (&#8220;COVID-19&#8221;) outbreak was declared a pandemic by the World Health Organization (WHO). Governments worldwide, including those countries in which Precision operates, have enacted emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused a material disruption to businesses globally resulting in an economic slowdown and decreased demand for oil. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions; however, the success of these interventions is not yet determinable. In response to the dramatic reduction in demand, governments of oil-producing nations and national oil companies are working together to limit supply, but to date in 2020 there has been a significant decline in the global price of oil. 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See discussion on share-based incentive compensation under &#8220;Other Items&#8221; later in this release for additional details.</li><li>Operating earnings (see &#8220;NON-GAAP MEASURES&#8221;) this quarter were $23 million compared with $62 million in the first quarter of 2019. Our operating earnings in the prior year quarter were positively impacted by the US$24 million gain on asset disposal and US$4 million impairment reversal from the disposition of our Mexico drilling equipment.</li><li>General and administrative expenses this quarter were $20 million, $12 million lower than in 2019. Our lower general and administrative costs in 2020 were primarily due to share-based compensation recoveries and lower overhead costs as we continued to align our cost structure to reflect reduced global activity.</li><li>Restructuring charges were $10 million as compared to $6 million in 2019. Our restructuring charges were comprised of severance costs of $9 million and $1 million of other costs associated with the shutdown of our U.S. directional drilling operations.</li><li>Net finance charges were $28 million, a decrease of $4 million compared with the first quarter of 2019, primarily due to reduced interest expense related to retired debt, offset by the impact of the weakening of the Canadian dollar on our U.S. dollar denominated interest.</li><li>Revenue per utilization day in the U.S. increased in the first quarter of 2020 to US$23,878 from US$23,202 in the prior year quarter. The increase was the result of higher revenues from idle but contracted rigs, AlphaAutomation and turnkey drilling. Operating costs on a per day basis increased to US$14,534 in the first quarter of 2020 compared with US$14,368 in 2019. The increase was mainly due to fixed operating overheads spread over fewer drilling rig activity days. On a sequential basis, revenue per utilization day, excluding revenue from turnkey and idle but contracted rigs, decreased by US$355 due to lower fleet average day rates, while operating costs per day increased by US$108 due to fixed operating overheads spread over fewer drilling rig activity days.</li><li>In Canada, average revenue per utilization day for contract drilling rigs was $21,444 compared with $22,977 in the first quarter of 2019. The lower average revenue per utilization day in the first quarter of 2020 was primarily because of lower spot market day rates and fewer shortfall payments received. During the quarter, we did not receive any shortfall revenue payments compared with $3 million in the prior year comparative period. Average operating costs per utilization day for drilling rigs in Canada decreased to $14,239 compared with the prior year quarter of $14,455. The decrease was mainly caused by smaller crew formations from our rig mix and overhead costs spread over a higher number of drilling rig utilization days.</li><li>We realized revenue from international contract drilling of US$40 million in the first quarter of 2020, as compared to US$36 million in the prior year period. Average revenue per utilization day in our international contract drilling business increased 9% to US$54,294 from the comparable prior year quarter, primarily due to rate increases from the renewal and extension of drilling contracts.</li><li>Cash and funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) in the first quarter of 2020 were $75 million and $81 million, respectively, compared to $41 million and $96 million in the prior year comparative.</li><li>Capital expenditures were $12 million in the first quarter, a decrease of $60 million over the same period in 2019. Capital spending for the quarter included $2 million for upgrade and expansion capital and $10 million for the maintenance of existing assets, infrastructure spending and intangibles.</li></ul>  <p align="justify"><strong>STRATEGY</strong></p>  <p>Precision&#8217;s strategic priorities for 2020 are as follows:</p>  <ol type="1"><li><strong>Generate strong free cash flow and reduce debt by $100 million to $150 million in 2020</strong> &#8211; In the first quarter of 2020, Precision generated $75 million of cash provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) and $6 million of cash proceeds from the divestiture of non-core assets. Using cash on hand and free cash flow generated in 2020, we reduced our debt balance by $41 million through a combination of redemptions and open market repurchases of our unsecured senior notes. We exited the quarter with a cash balance of $97 million, compared to $75 million at December 31, 2019. We will place a high priority on maintaining a strong liquidity position and further reduce debt levels when visibility improves or cash on hand exceeds our expectations.</li><li><strong>Demonstrate operational excellence in all aspects of our business </strong>&#8211; In Canada, we continued at record level market share and reported operating margins (revenue less operating costs) of $7,205 per utilization day. In the U.S., we maintained strong activity with a market share of over 7% and reported operating margins of US$9,344 per utilization day. Internationally, we maintained stable activity, averaging eight active drilling rigs, and recorded average day rates of US$54,294.</li><li><strong>Leverage our Alpha Technology platform as a competitive differentiator and source of financial returns </strong>&#8211; In the first quarter of 2020, we had 38 field-deployed rigs equipped with our AlphaAutomation platform and drilled approximately 200 wells. We have partnered with a major U.S. customer to trial AlphaAnalytics on all their Precision rigs and have a large international oil company (IOC) customer in the U.S. standardizing AlphaAutomation and several AlphaApps on all their Precision rigs. Since 2017, we have drilled over 1,200 wells with AlphaAutomation and currently have 15 AlphaApps either deployed or in development, further allowing us to differentiate Precision&#8217;s High Performance, High Value offering.</li></ol>  <p align="justify"><strong>OUTLOOK</strong></p>  <p align="justify">The energy industry faces a challenging outlook as the abrupt demand destruction caused by the COVID-19 pandemic has resulted in significant global oil supply imbalances and a collapse in near-term crude oil prices. The oil market volatility has created uncertainty for our customers and they have responded by announcing material reductions to capital spending, which has begun a rapid reduction in global oilfield service activity levels. In a reduced-activity environment, we anticipate our customers will further stress operational efficiencies, accelerating the industry transition towards service providers with the highest performing assets and competitive digital technology offerings. Pursuit of predictable and repeatable results will further drive field application of drilling automation processes to create additional cost efficiencies and performance value for customers.</p>  <p align="justify">Precision continues to closely monitor announcements of available government financial support and economic stimulus programs. We are encouraged by the Canadian federal government&#8217;s announced $1.7 billion well site abandonment and rehabilitation program funding, which will support industry activity levels and provide thousands of jobs throughout western Canada. Precision believes our well servicing business is well positioned to capture coming opportunities as a result of our scale, operational performance and strong safety record.</p>  <p align="justify"><strong><em>Contracts</em></strong></p>  <p align="justify">Year to date in 2020 we have entered into nine term contracts. The following chart outlines the average number of drilling rigs under contract by quarter as of April 29, 2020. For those quarters ending after March 31, 2020, this chart represents the minimum number of long-term contracts from which we will earn revenue. 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These include, among other things:</p>  <ul><li>the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets;</li><li>the success of our response to the COVID-19 global pandemic;</li><li>the status of current negotiations with our customers and vendors;</li><li>customer focus on safety performance;</li><li>existing term contracts are neither renewed nor terminated prematurely;</li><li>our ability to deliver rigs to customers on a timely basis; and</li><li>the general stability of the economic and political environments in the jurisdictions where we operate.</li></ul>  <p align="justify">Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:</p>  <ul><li>volatility in the price and demand for oil and natural gas;</li><li>fluctuations in the level of oil and natural gas exploration and development activities;</li><li>fluctuations in the demand for contract drilling, directional drilling, well servicing and ancillary oilfield services;</li><li>our customers&#8217; inability to obtain adequate credit or financing to support their drilling and production activity;</li><li>the success of our response to the COVID-19 global pandemic;</li><li>changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;</li><li>shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;</li><li>liquidity of the capital markets to fund customer drilling programs;</li><li>availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;</li><li>the impact of weather and seasonal conditions on operations and facilities;</li><li>competitive operating risks inherent in contract drilling, directional drilling, well servicing and ancillary oilfield services;</li><li>ability to improve our rig technology to improve drilling efficiency;</li><li>general economic, market or business conditions;</li><li>the availability of qualified personnel and management;</li><li>a decline in our safety performance which could result in lower demand for our services;</li><li>changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and gas;</li><li>terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;</li><li>fluctuations in foreign exchange, interest rates and tax rates; and</li><li>other unforeseen conditions which could impact the use of services supplied by Precision and Precision&#8217;s ability to respond to such conditions.</li></ul>  <p align="justify">Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision&#8217;s Annual Information Form for the year ended December 31, 2019, which may be accessed on Precision&#8217;s SEDAR profile at www.sedar.com or under Precision&#8217;s EDGAR profile at www.sec.gov. 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border-bottom: solid black 1pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,579,165</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr></table> <p align="justify"><strong>FIRST QUARTER 2020 EARNINGS CONFERENCE CALL AND WEBCAST</strong></p>  <p>Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 12:00 noon MT (2:00 p.m. ET) on Thursday, April 30, 2020.</p>  <p align="center"><strong>The conference call dial in numbers are 1-844-515-9176 or 614-999-9312.</strong></p>  <p align="justify">A live webcast of the conference call will be accessible on Precision&#8217;s website at www.precisiondrilling.com by selecting &#8220;Investor Relations&#8221;, then &#8220;Webcasts &amp; Presentations&#8221;. Shortly after the live webcast, an archived version will be available for approximately 60 days.</p>  <p align="justify">An archived version of the webcast will be available for approximately 60 days. An archived recording of the conference call will be available approximately one hour after the completion of the call until May 6, 2020 by dialing 855-859-2056 or 404-537-3406, passcode 7087264.</p>  <p align="justify"><u>About Precision</u></p>  <p align="justify">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 Super Series drilling rigs supported by an industry leading technology platform that offers innovative drilling solutions to deliver efficient, predictable and repeatable results through service differentiation. Precision also offers well service rigs, camps, rental equipment and directional drilling services all backed by a comprehensive mix of technical support services and skilled, experienced personnel.</p>  <p align="justify">Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol &#8220;PD&#8221; and on the New York Stock Exchange under the trading symbol &#8220;PDS&#8221;.</p>  <p align="justify">For further information, please contact:</p>  <p align="justify">Carey Ford, Senior Vice President and Chief Financial Officer<br >713.435.6100</p>  <p align="justify">Dustin Honing, Manager, Investor Relations and Corporate Development<br >403.716.4500</p>  <p align="justify">800, 525 - 8th Avenue S.W.<br >Calgary, Alberta, Canada T2P 1G1<br >Website:&#160; <u>www.precisiondrilling.com</u></p> </p><p ></p></body></html>
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