<SEC-DOCUMENT>0001171843-21-002645.txt : 20210422
<SEC-HEADER>0001171843-21-002645.hdr.sgml : 20210422
<ACCEPTANCE-DATETIME>20210422082844
ACCESSION NUMBER:		0001171843-21-002645
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210422
FILED AS OF DATE:		20210422
DATE AS OF CHANGE:		20210422

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:		21843333

	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_042221.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 2021</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): &#160;</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): &#160;</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 22, 2021</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-size: 10pt; font-weight: bold;"><strong style="font-family: 'Times New Roman'; font-size: 13.3333px; text-align: center;">EXHIBIT INDEX</strong>&#160;</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="font-size: 10pt; text-decoration: underline;" valign="bottom">Exhibit</td><td style="font-size: 10pt; width: 20px;"><strong>&#160;</strong></td><td style="font-size: 10pt; text-decoration: underline;" valign="bottom">DESCRIPTION</td></tr><tr><td style="font-size: 10pt;"><strong>&#160;</strong></td><td style="font-size: 10pt; width: 20px;"><strong>&#160;</strong></td><td style="font-size: 10pt;"><strong>&#160;</strong></td></tr><tr><td style="font-size: 10pt; vertical-align: top;"><a href="exh_991.htm">99.1</a></td><td style="font-size: 10pt; width: 20px;">&#160;</td><td style="font-size: 10pt; vertical-align: top;"><strong><a href="exh_991.htm">PRECISION DRILLING CORPORATION ANNOUNCES 2021 FIRST QUARTER UNAUDITED FINANCIAL RESULTS</a></strong></td></tr></table></p></body></html>
</TEXT>
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<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 2021 First Quarter Unaudited Financial Results </strong></font></p><p style="text-align: center;"><strong></strong></p><p>
       <p align="justify">CALGARY, Alberta, April  22, 2021  (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. 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 align="justify">Precision Drilling announces 2021 first quarter financial results:</p>        <ul type="disc"><li style="margin-top:6pt; text-align:justify;">Revenue of $236 million was a decrease of 38% compared with the first quarter of 2020.</li><li style="margin-top:6pt; text-align:justify;">Net loss of $36 million or $2.70 per share compared to net loss of $5 million or $0.38 per share in 2020.</li><li style="margin-top:6pt; text-align:justify;">Earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization (Adjusted EBITDA, see &#8220;NON-GAAP MEASURES&#8221;) of $55 million was 47% lower than the first quarter of 2020.</li><li style="margin-top:6pt; text-align:justify;">Generated cash and funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) of $15 million and $43 million, respectively.</li><li style="margin-top:6pt; text-align:justify;">First quarter ending cash balance was $78 million.</li><li style="margin-top:6pt; text-align:justify;">Reduced our Senior Credit Facility balance by $49 million and established a $20 million Canadian Real Estate Credit Facility.</li><li style="margin-top:6pt; text-align:justify;">First quarter capital expenditures were $8 million.</li><li style="margin-top:6pt; text-align:justify;">Repurchased and cancelled 155,168 common shares for $4 million.</li><li style="margin-top:6pt; text-align:justify;">Recognized the Canadian government&#8217;s Canada Emergency Wage Subsidy (<strong>CEWS</strong>) program assistance of $9 million.</li><li style="margin-top:6pt; text-align:justify;">Increased U.S. rig activation costs contributed to higher average operating costs as a result of accelerated rig deployments during the quarter.</li><li style="margin-top:6pt; text-align:justify;">Incurred $11 million of share-based compensation expense due to our increased share price and a $2 million charge relating to the reclassification of certain share-based compensation plans.<br ></li></ul>        <p align="justify">Precision&#8217;s President and CEO Kevin Neveu stated:</p>        <p align="justify">&#8220;I am pleased with Precision&#8217;s response to the rebounding North American drilling market during the first quarter of 2021. Our current active U.S. rig count sits at 40 rigs, a milestone achieved several weeks earlier than previously anticipated and represents a 40% increase since the beginning of the year. In Canada, which is now experiencing the seasonal break-up slowdown, we are operating 20 rigs, an increase of 100% from this time last year. During the first quarter, Precision added eight new Alpha customers and increased paid days from AlphaAutomation by 27% from the fourth quarter, demonstrating increased market penetration for our Alpha digital technologies. Additionally, we fully commercialized 10 AlphaApps and achieved a similar increase in market penetration with that offering.&#8221;</p>        <p align="justify">&#8220;Precision&#8217;s international business continues to generate stable cash flow and we are encouraged with early pre-tendering exercises now underway in the region. It is beginning to appear that rig reactivations may track the relaxation of oil export limits. We remain confident in our ability to reactivate our three idled ultra-high spec rigs in Kuwait. We will also continue to explore opportunities to activate our other idle rigs in the region.&#8221;</p>        <p align="justify">&#8220;Our Well Servicing business has experienced a sharp uptick in customer demand and we anticipate the Canadian Federal government&#8217;s well abandonment program will continue to provide additional opportunities for the well service industry through the remainder of the year and in 2022. Approximately 15% of our first quarter activity related to well abandonments.&#8221;</p>        <p align="justify">&#8220;During the quarter, Precision generated $55 million in Adjusted EBITDA and $15 million in cash from operations, largely driven by improving industry activity levels, our strong market share and customer adoption of Precision&#8217;s Alpha technologies. We have reduced debt levels by $51 million year to date, despite the temporary seasonal working capital build in the first quarter and expect the benefit of a working capital release in the second quarter. I am confident that the steps we have taken to reduce our fixed costs will continue to maximize the free cash flow generating capabilities of Precision. We remain tightly focused on meeting or exceeding our debt reduction goals for the year along with our other stated priorities.&#8221;</p>        <p align="justify">&#8220;Precision&#8217;s ESG-related initiatives produced encouraging results during the quarter, most notably our efforts to progress emission-reduction alternatives for our customers. This includes formalizing partnerships with green energy providers to expand our offering of hybrid battery energy storage systems, bi-fuel systems and natural gas rig power systems. We are also piloting a GHG monitoring system, which will provide our customers with real-time insights to establish performance baselines and drive continued improvement through the entire operation. These initiatives are well complimented by our modern, digitally controlled and highly efficient Super Series rig fleet combined with our industry-leading Alpha digital portfolio. We remain committed to minimizing the environmental impact from our operations while continuing to demonstrate the leading Social and Governance practices for which Precision is well known.&#8221;</p>        <p align="justify">&#8220;Above all, Precision remains focused on the safety of our employees on our rigs, operating centers and corporate offices as we continue to execute our High Performance, High Value strategy during this pandemic. 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Drilling rig utilization days, decreased by 41% in the U.S., 34% in Canada and 26% internationally, compared to the first quarter of 2020.</li><li style="text-align:justify;">Adjusted EBITDA (see &#8220;NON-GAAP MEASURES&#8221;) for the quarter was $55 million, $47 million lower than the previous year. Our Adjusted EBITDA as a percentage of revenue was 23% this quarter, compared with 27% in the comparative quarter. Adjusted EBITDA in the quarter was negatively impacted by lower activity and higher share-based compensation expense, partially offset by CEWS program assistance. Our increased share-based compensation charges in the quarter were attributable to our increased share price and reclassification of certain Performance Share Unit (<strong>PSU</strong>) share-based compensation plans, resulting in $2 million of incremental share-based compensation expense for the quarter. See discussion on share-based incentive compensation under &#8220;Other Items&#8221; later in this release for additional details.</li><li style="text-align:justify;">Operating loss (see &#8220;NON-GAAP MEASURES&#8221;) this quarter was $15 million compared with operating earnings of $23 million in the first quarter of 2020.</li><li style="text-align:justify;">General and administrative expenses this quarter were $21 million, $2 million higher than in 2020. Our higher general and administrative costs in 2021 were primarily due to increased share-based compensation charges, partially offset by CEWS program assistance of $1 million. Excluding share-based compensation and CEWS program assistance, our general and administrative expenses decreased by 36% as compared with the first quarter of 2020.</li><li style="text-align:justify;">Net finance charges were $22 million, a decrease of $5 million compared with the first quarter of 2020, primarily due to reduced interest expense related to retired debt.</li><li style="text-align:justify;">Revenue per utilization day in the U.S. decreased in the first quarter of 2021 to US$22,133 from US$23,878 in the prior year quarter. The decrease was the result of lower fleet average day rates and revenue from idle but contracted rigs, partially offset by higher turnkey activity. Operating costs on a per day basis increased to US$15,106 in the first quarter of 2021 compared with US$14,534 in 2020. The increase was mainly due to higher turnkey activity and reactivation expenses incurred on additional rig deployments. On a sequential basis, revenue per utilization day, excluding revenue from turnkey drilling and idle but contracted rigs, decreased by US$354 due to lower fleet average day rates, partially offset by higher operating cost recoveries, while operating costs per day increased by US$687 due to higher reactivation costs and labor-related expenses.</li><li style="text-align:justify;">In Canada, average revenue per utilization day for contract drilling rigs was $21,131 compared with $21,444 in the first quarter of 2020. The lower average revenue per utilization day in the first quarter of 2021 was primarily due to our rig mix. Average operating costs per utilization day for drilling rigs in Canada decreased to $13,025 compared with the prior year quarter of $14,239. The decrease was mainly due to the impact of the CEWS program assistance, cost reduction initiatives and rig mix.</li><li style="text-align:justify;">During the quarter, we recognized CEWS program assistance of $9 million, of which $8 million and $1 million were presented as offsets to our operating and general and administrative costs, respectively.</li><li style="text-align:justify;">We realized revenue from international contract drilling of US$28 million in the first quarter of 2021, as compared to US$40 million in the prior year period. The lower revenue in the current quarter was primarily due to lower activity as our average active rig count decreased by two. Average revenue per utilization day decreased 3% to US$52,744 from the comparable prior year quarter, primarily due to changes in service and rig mix.</li><li style="text-align:justify;">Cash and funds provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) in the first quarter of 2021 were $15 million and $43 million, respectively, compared to $75 million and $81 million in the prior year comparative period.</li><li style="text-align:justify;">Capital expenditures were $8 million, a decrease of $3 million from the prior year quarter. Capital spending included $3 million for upgrade and expansion capital and $5 million for the maintenance of existing assets, infrastructure spending and intangibles.</li><li style="text-align:justify;">During the first quarter of 2021, we repurchased and cancelled 155,168 common shares for $4 million pursuant to our Normal Course Issuer Bid.</li></ul>        <p align="justify"><strong>STRATEGY</strong></p>        <p align="justify">Precision&#8217;s strategic priorities for 2021 are as follows:</p>        <ol style="list-style-type:decimal;"><li style="margin-top:6pt; text-align:justify;"><strong>Grow revenue and market share through our digital leadership position</strong> &#8211; In the first quarter of 2021, Precision exited with 40 AC Super Triple Alpha-Rigs equipped with our AlphaAutomation platform. During the quarter, we commercialized 10 additional AlphaApps, bringing the total count to 16 with several more in development. In the first quarter alone, AlphaApp days reached over 1,200, which compares to approximately 2,300 for the full year 2020. This increase was largely driven by operational performance, additional revenue generating days and uptake on new customers utilizing the full suite of Alpha technologies. During the quarter, Precision added eight new AlphaAutomation customers and increased paid AlphaAutomation days, AlphaApp days and AlphaAnalytics days quarter-over-quarter by 27%, 40% and 15%, respectively.</li><li style="margin-top:6pt; text-align:justify;"><strong>Demonstrate operational leverage to generate free cash flow and reduce debt </strong>&#8211; In the first quarter of 2021, Precision generated $15 million of cash provided by operations (see &#8220;NON-GAAP MEASURES&#8221;) and $3 million of cash proceeds from the divestiture of non-core assets. Using cash on hand and cash generated, we reduced our debt levels by $29 million as of March 31, 2021 and another $22 million subsequently, achieving total year to date debt reduction of $51 million. Precision exited the quarter with a cash balance of $78 million and US$36 million drawn on our US$500 million Senior Credit Facility. Precision also established a $20 million Canadian Real Estate Credit Facility, extending debt maturities while providing flexibility to reduce interest expenses and maintaining strong liquidity.</li><li style="margin-top:6pt; text-align:justify;"><strong>Deliver leading ESG (environmental, social and governance) performance to strengthen customer and stakeholder positioning </strong>&#8211; In the first quarter of 2021, Precision initiated the formation of partnerships with green solution providers to expand our offering of energy storage systems, bi-fuel and natural gas generators. We are piloting the launch of a rig-based GHG (greenhouse gas) monitoring system and are in the deployment phase of a plug and play mobile natural gas generator and energy storage system for existing electricity-powered drilling rigs with a major customer.<br ></li></ol>        <p align="justify"><strong>OUTLOOK</strong></p>        <p align="justify">The oilfield services industry outlook and customer sentiment has improved in recent months, largely due to vaccine announcements, reopening of economies and steadily increasing commodity prices. Although longer-term visibility remains limited, improved fundamentals from recovering global oil demand should further stabilize commodity prices and result in customers continuing to increase activity levels throughout the year. In this environment, our customers are expected to remain focused on capital discipline and maximizing operational efficiencies. We anticipate these industry dynamics will accelerate the industry&#8217;s transition toward 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 remain encouraged by the Government of Canada&#8217;s $1.7 billion well site abandonment and rehabilitation program, which will support industry activity levels and provide thousands of jobs throughout western Canada. The program will run through the end of 2022 with government funds provided in stages. As the use of service rigs is an integral part of the well abandonment process, our well servicing business is positioned to capture these opportunities as a result of our scale, operational performance and strong safety record. During the fourth quarter, we saw a continued rise in the number of approved abandonment applications and further distribution of program funding to oilfield service providers. Our abandonment service activity continued to increase in the first quarter of 2021 compared with the fourth quarter of 2020 and we expect further increases through the end of the well site abandonment and rehabilitation program in 2022.</p>        <p align="justify">During the second quarter of 2020, the Government of Canada introduced the CEWS program to subsidize a portion of employee wages for Canadian employers whose businesses have been adversely affected by COVID-19. 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min-width:7%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; width:7%; min-width:7%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">U.S.</td><td style="padding-left: 0 ; 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padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">26</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">24</td><td style="border-right: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">21</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">24</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4</td><td style="border-right: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">8</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">8</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; 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padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">74,953</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr></table>    <p align="justify">(1)&#160;&#160;&#160;See &#8220;NON-GAAP MEASURES.&#8221;<br ></p>        <p align="justify"><strong>IMPACT OF COVID-19</strong></p>        <p align="justify">In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. 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 lockdowns, travel bans, 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. The situation remains dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on us is not known at this time.</p>        <p align="justify"><strong><em>Financial Impacts</em></strong></p>        <p align="justify">The current challenging economic climate may have significant adverse impacts on Precision including, but not limited to, substantial reductions in revenue and cash flows, increased risk of non-collection of accounts receivable and future impairments of property, plant and equipment and intangible assets.</p>        <p align="justify">Our estimates and judgements made in the preparation of our financial statements are increasingly difficult and subject to a higher degree of measurement uncertainty during this volatile period.</p>        <p align="justify">At March 31, 2021, we reviewed each cash-generating unit (CGU) and did not identify any indications of impairment. Accordingly, we did not test our CGUs for impairment.</p>        <p align="justify"><strong><em>Operational impacts</em></strong></p>        <p align="justify">During the pandemic, the oil and natural gas extractive services industry has been classified as an &#8220;essential service&#8221; and Precision&#8217;s operations, including all field operations, technical support centres and administration groups, have remained open. The vertical integration of our operations has ensured minimal supply chain constraints and service disruptions.</p>        <p align="justify">To manage the additional safety risks presented by COVID-19, we implemented a comprehensive infectious disease plan and added safety, sanitization and physical distancing procedures. Precision&#8217;s procedures are in accordance with recommendations from the World Health Organization, Center for Disease Control and various federal, state and provincial government health authorities.</p>        <p align="justify"><strong><em>Liquidity </em></strong></p>        <p align="justify">Despite the challenges posed by COVID-19, we have maintained a strong liquidity position. We exited the quarter with a cash balance of $78 million and $595 million of available borrowing capacity under our secured credit facilities, providing us with $673 million of total liquidity as compared with $661 million at December 31, 2020. We expect that cash provided by operations, cash on hand and our sources of financing, including our Senior Credit Facility, will be sufficient to meet our debt obligations and fund committed and future capital expenditures.</p>        <p align="justify"><strong>NON-GAAP MEASURES</strong></p>        <p align="justify">In this release we reference non-GAAP (Generally Accepted Accounting Principles) measures. Adjusted EBITDA, Covenant EBITDA, Operating Earnings (Loss), Funds Provided by (Used in) Operations and Working Capital are terms used by us to assess performance as we believe they provide useful supplemental information to investors. 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.</p>        <p align="justify"><strong><em>Adjusted EBITDA </em></strong></p>        <p align="justify">We believe that Adjusted EBITDA (earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on assets disposals and depreciation and amortization), as reported in the Interim Consolidated Statement of Net Loss, is a useful measure, because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.</p>        <p align="justify"><strong><em>Covenant EBITDA </em></strong></p>        <p align="justify">Covenant EBITDA, as defined in our Senior Credit Facility agreement, is used in determining the Corporation&#8217;s compliance with its covenants. 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<br ></li><li style="text-align:justify;">the average number of term contracts in place for 2021;<br ></li><li style="text-align:justify;">anticipated cash savings and liquidity;<br ></li><li style="text-align:justify;">customer adoption of Alpha technologies;<br ></li><li style="text-align:justify;">potential commercial opportunities and rig contract renewals; and<br ></li><li style="text-align:justify;">our future debt reduction plans.</li></ul>        <p align="justify">These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:</p>        <ul><li style="text-align:justify;">the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets;<br ></li><li style="text-align:justify;">the success of our response to the COVID-19 global pandemic;<br ></li><li style="text-align:justify;">the status of current negotiations with our customers and vendors;<br ></li><li style="text-align:justify;">customer focus on safety performance;<br ></li><li style="text-align:justify;">existing term contracts are neither renewed nor terminated prematurely;<br ></li><li style="text-align:justify;">our ability to deliver rigs to customers on a timely basis; and<br ></li><li style="text-align:justify;">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 style="text-align:justify;">volatility in the price and demand for oil and natural gas;<br ></li><li style="text-align:justify;">fluctuations in the level of oil and natural gas exploration and development activities;<br ></li><li style="text-align:justify;">fluctuations in the demand for contract drilling, directional drilling, well servicing and ancillary oilfield services;<br ></li><li style="text-align:justify;">our customers&#8217; inability to obtain adequate credit or financing to support their drilling and production activity;<br ></li><li style="text-align:justify;">the success of vaccinations for COVID-19 worldwide;<br ></li><li style="text-align:justify;">changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;<br ></li><li style="text-align:justify;">shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;<br ></li><li style="text-align:justify;">liquidity of the capital markets to fund customer drilling programs;<br ></li><li style="text-align:justify;">availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;<br ></li><li style="text-align:justify;">the impact of weather and seasonal conditions on operations and facilities;<br ></li><li style="text-align:justify;">competitive operating risks inherent in contract drilling, directional drilling, well servicing and ancillary oilfield services;<br ></li><li style="text-align:justify;">ability to improve our rig technology to improve drilling efficiency;<br ></li><li style="text-align:justify;">general economic, market or business conditions;<br ></li><li style="text-align:justify;">the availability of qualified personnel and management;<br ></li><li style="text-align:justify;">a decline in our safety performance which could result in lower demand for our services;<br ></li><li style="text-align:justify;">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;<br ></li><li style="text-align:justify;">terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;<br ></li><li style="text-align:justify;">fluctuations in foreign exchange, interest rates and tax rates; and<br ></li><li style="text-align:justify;">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, 2020, 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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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>132,777</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">137,581</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,406,640</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Total liabilities and shareholders&#8217; equity</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,359</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Balance at March&#160;31, 2021</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>2,281,444</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>73,819</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(1,498</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3,121</td><td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Balance at March&#160;31, 2020</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,291,134</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">67,878</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; 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padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,557,386</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#160;</td></tr></table>    <p align="center"><strong><br ></strong></p>        <p align="center"><strong>FIRST QUARTER 2021 EARNINGS CONFERENCE CALL AND WEBCAST</strong></p>        <p align="justify">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 22, 2021.</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 April 26, 2021 by dialing 855-859-2056 or 404-537-3406, passcode 6870957.</p>        <p align="justify"><u>About Precision</u></p>        <p align="justify">Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as &#8220;Alpha&#8221; that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Additionally, Precision offers well service rigs, camps and 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, Director, 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: www.precisiondrilling.com</p>        <p> </p> </p><p ></p></body></html>
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