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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
|  | 2024 |  |  | 2023 |
Cost |  | $ | 7,344,532 |  |  | $ | 6,918,765 |
Accumulated depreciation |  |  | (4,988,359 | ) |  |  | (4,580,677 | )
|  | $ | 2,356,173 |  |  | $ | 2,338,088 |
Rig equipment |  |  | 2,118,055 |  |  |  | 2,094,510 |
Rental equipment |  |  | 16,066 |  |  |  | 16,066 |
Other equipment |  |  | 5,999 |  |  |  | 9,236 |
Vehicles |  |  | 1,787 |  |  |  | 2,333 |
Buildings |  |  | 43,870 |  |  |  | 45,827 |
Assets under construction |  |  | 133,543 |  |  |  | 126,872 |
Land |  |  | 36,853 |  |  |  | 43,244 |
|  | $ | 2,356,173 |  |  | $ | 2,338,088 |
Cost
|  | Rig Equipment |  | Rental Equipment |  | Other Equipment |  | Vehicles |  | Buildings |  | Assets Under Construction |  | Land |  | Total |
Balance, December 31, 2022 |  | $ | 6,334,462 |  | $ | 96,454 |  | $ | 175,409 |  | $ | 36,002 |  | $ | 114,323 |  | $ | 117,535 |  | $ | 32,586 |  | $ | 6,906,771 |
Additions |  |  | 24,158 |  |  | 102 |  |  | 151 |  |  | — |  |  | 612 |  |  | 199,937 |  |  | — |  |  | 224,960 |
Acquisitions |  |  | 118,965 |  |  | — |  |  | 1,500 |  |  | 500 |  |  | 8,960 |  |  | — |  |  | 11,040 |  |  | 140,965 |
Disposals |  |  | (127,979 | ) |  | — |  |  | (9,681 | ) |  | (3,058 | ) |  | (214 | ) |  | (39 | ) |  | (10 | ) |  | (140,981 | )
Reclassifications |  |  | 172,300 |  |  | — |  |  | 6,038 |  |  | — |  |  | 2,038 |  |  | (180,376 | ) |  | — |  |  | — |
Asset decommissioning |  |  | (78,367 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (78,367 | )
Foreign exchange |  |  | (119,329 | ) |  | (75 | ) |  | (2,988 | ) |  | (748 | ) |  | (886 | ) |  | (10,185 | ) |  | (372 | ) |  | (134,583 | )
Balance, December 31, 2023 |  |  | 6,324,210 |  |  | 96,481 |  |  | 170,429 |  |  | 32,696 |  |  | 124,833 |  |  | 126,872 |  |  | 43,244 |  |  | 6,918,765 |
Additions |  |  | 59,650 |  |  | — |  |  | 14,516 |  |  | 95 |  |  | 985 |  |  | 141,401 |  |  | — |  |  | 216,647 |
Transferred to assets held for sale |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,501 | ) |  | (5,501 | )
Disposals |  |  | (153,166 | ) |  | — |  |  | (17,327 | ) |  | (3,646 | ) |  | (3,089 | ) |  | — |  |  | (2,100 | ) |  | (179,328 | )
Reclassifications |  |  | 137,658 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (137,658 | ) |  | — |  |  | — |
Foreign exchange |  |  | 380,811 |  |  | 279 |  |  | 3,091 |  |  | 1,718 |  |  | 3,912 |  |  | 2,928 |  |  | 1,210 |  |  | 393,949 |
Balance, December 31, 2024 |  | $ | 6,749,163 |  | $ | 96,760 |  | $ | 170,709 |  | $ | 30,863 |  | $ | 126,641 |  | $ | 133,543 |  | $ | 36,853 |  | $ | 7,344,532 |
Accumulated Depreciation
|  | Rig Equipment |  | Rental Equipment |  | Other Equipment |  | Vehicles |  | Buildings |  | Assets Under Construction |  | Land |  | Total |
Balance, December 31, 2022 |  | $ | 4,251,016 |  | $ | 80,477 |  | $ | 163,944 |  | $ | 32,622 |  | $ | 75,374 |  | $ | — |  | $ | — |  | $ | 4,603,433 |
Depreciation expense |  |  | 268,532 |  |  | 12 |  |  | 9,070 |  |  | 924 |  |  | 4,237 |  |  | — |  |  | — |  |  | 282,775 |
Disposals |  |  | (122,823 | ) |  | — |  |  | (9,681 | ) |  | (2,788 | ) |  | (133 | ) |  | — |  |  | — |  |  | (135,425 | )
Asset decommissioning |  |  | (68,775 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (68,775 | )
Foreign exchange |  |  | (98,250 | ) |  | (74 | ) |  | (2,140 | ) |  | (395 | ) |  | (472 | ) |  | — |  |  | — |  |  | (101,331 | )
Balance, December 31, 2023 |  |  | 4,229,700 |  |  | 80,415 |  |  | 161,193 |  |  | 30,363 |  |  | 79,006 |  |  | — |  |  | — |  |  | 4,580,677 |
Depreciation expense |  |  | 276,815 |  |  | — |  |  | 14,267 |  |  | 720 |  |  | 4,317 |  |  | — |  |  | — |  |  | 296,119 |
Disposals |  |  | (141,694 | ) |  | — |  |  | (17,091 | ) |  | (3,504 | ) |  | (2,667 | ) |  | — |  |  | — |  |  | (164,956 | )
Foreign exchange |  |  | 266,287 |  |  | 279 |  |  | 6,341 |  |  | 1,497 |  |  | 2,115 |  |  | — |  |  | — |  |  | 276,519 |
Balance, December 31, 2024 |  | $ | 4,631,108 |  | $ | 80,694 |  | $ | 164,710 |  | $ | 29,076 |  | $ | 82,771 |  | $ | — |  | $ | — |  | $ | 4,988,359 |
(a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2024, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2024, Precision purchased $217 million (2023 – $225 million) of property, plant and equipment. (c) Asset Disposals Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a gain on asset disposal of $16 million (2023 – $24 million). (d) Asset Decommissioning In 2024, the Corporation incurred nil (2023 – $10 million) losses on asset decommissioning relating to certain drilling and ancillary equipment, contained within the Contract Drilling Services segment, that no longer met the Corporation's High Performance technology standards.

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