Precision Drilling Trust is Canada's largest oilfield services company, providing contract drilling, well servicing and strategic support services to customers. Precision supplies on-the-ground expertise - people, equipment and knowledge - to enable about one-third of western Canada's conventional oil and gas production.
Precision Drilling Trust (the Trust) is an open-ended investment trust. The Trust holds a 99.82% interest in Precision Drilling Limited Partnership (PDLP), which is a limited partnership. On November 7, 2005, Precision Drilling Corporation (Precision) became a wholly owned subsidiary of PDLP. Precision amalgamated with 1195309 Alberta ULC on November 23, 2005; Live Well Service Ltd. On January 1, 2006, and Terra Water Group Ltd. (Terra) on January 1, 2007.
Precision's operations are carried out in two segments: Contract Drilling Services, and Completion and Production Services.
On August 17, 2006, Precision acquired Terra, a privately owned wastewater treatment business operating at remote worksite locations. Terra had 41 treatment units at the time of the acquisition.
150-6th Avenue SW
Calgary, AB T2P 3Y7
Canada - Map
Web Site: http://www.precisiondrilling.com
Index Membership: N/A
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Full Time Employees: NaN
Profile and History :
Precision Drilling Ltd. was founded as a private drilling contractor in the early 1950s in the post-Leduc oil boom in western Canada and, after restructuring in the 1980s, grew to become the largest provider of oilfield services in Canada.
The roots of Precision Drilling Trust, date to 1987 with the reverse takeover of the far larger Precision Drilling Ltd. by Cypress Drilling Ltd., a company established two years earlier under the leadership of Hank Swartout.
In the next decade, Precision's fleet grew to more than 100 drilling rigs through acquisitions and rig builds. The acquisition of Kenting Energy Services in 1997 doubled Precision's fleet again to more than 200 rigs. Today, Precision operates over 240 land drilling rigs in Canada and United States.
Expansion into businesses that became Precision Well Servicing, Live Well Service and Precision Rentals began with the acquisitions of diversified oilfield services company EnServ Corp. in 1996 and CenAlta Energy Services four years later. Today, Precision operates over 235 service rigs, 30 snubbing units and provides 15,000 pieces of rental equipment.
To support its rig fleets, Precision developed complementary business lines. Precision entered the camp and catering business with the 1993 acquisition of LRG Oilfield Services and augmented its rig manufacturing and logistical support capabilities with the acquisitions of Rostel Industries in 1996 and Columbia Oilfield Supply in 1997. In 2005 Precision Corporation converted to an open-ended income trust and in 2006 Precision entered the campsite wastewater treatment business with the acquisition of Terra Water Group. http://www.precisiondrilling.com/AboutPreProfileAndHistory.cfmcision/
The company was founded in 1951 and is headquartered in Calgary, Canada.
Board of Directors
O/S - 125.8 ml