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This press release “forward-looking data and statements” within the meaning of applicable securities laws. For vital information regarding such forward-looking data and statements and other assumptions and dangers to which they are subject, please see the “Information and Account Statements” Inquiry later in this press release.
CALGARY, Alberta, Oct. 19, 2022 (GLOBE NEWSWIRE) — Precision Drilling Corporation (“Precision” or the “Company”) (TSX: PD; NYSE: PDS) is pleased to announce that it recently won 4 contracts in Kuwait, with a five-year term and an optional one-year renewal. The contract awards are for our HP AC Super Triple 3000 platforms and they are expanding our number of active platforms in Kuwait from 3 platforms to five platforms until mid-2023.
In addition, we recently signed our third platform in the Kingdom of Saudi Arabia for a five-year contract extension, following two five-year contract signings in the current quarter of this year. With the 3 contract extensions in Saudi Arabia and contract awards in Kuwait, Precision will have 8 long-term contract platforms in the Middle East spanning 2028 representing approximately US$600 million (approximately C$820 million) in backorder revenue.
“Precision’s good fortune in securing those contracts is the result of our team’s determination and commitment to our maximum functionality and price strategy and the exceptional service we have provided to consumers in the Middle East region. In addition, recent contract awards allow us to leverage our scale in the region and generate strong and reliable cash flows, creating price for our shareholders and fulfilling one of Precision 2022’s strategic priorities to maximize our operating leverage. I would like to congratulate our team for securing those contracts and looking forward to continuing the service. our consumers can expect from Precision,” said Kevin Neveu, president and chief executive officer of Precision.
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements involved in this report, adding statements involving words such as “may,” “should,” “may,” “anticipate,” “estimate,” “intend,” “plan,” “expect,” “believe,” “may,” “could,” “continue,” “project,” “potential” and similar expressions and statements relating to matters that are not old facts constitute “forward-looking data” within the meaning of the legislation. Canadian securities and “forward-looking statements” within the meaning of the port provisions of the U. S. Private Securities Litigation Reform ActUU. de 1995 (collectively, “Forward-Looking Data and Statements”).
In particular, forward-looking data and statements include, but are limited to, the following:
our strategic priorities for 2022; and
Expected activity levels, demand for our platforms and cash flow.
These forward-looking data and statements are based on certain assumptions and analyses made through Precision in light of our experience and reliance on past trends, existing conditions, expected long-term developments and other things we are confident in the circumstances. These include, but are not limited to:
fluctuating oil costs would likely cause consumers to reduce or restrict their drilling budgets;
the good fortune of our reaction to the global COVID-19 pandemic;
ongoing negotiations with our consumers and suppliers;
Customer in security performance.
existing fixed-term contracts are not renewed or terminated prematurely; and
our ability to deliver platforms to consumers in a timely manner; and the overall ability of the economic and political environments in the jurisdictions in which we operate.
Undue reliance should not be placed on forward-looking data and statements. Whether actual effects, functionality, or achievements are consistent with our expectations and forecasts is subject to a number of known and unknown hazards and uncertainties that may cause actual effects to differ materially from our expectations. These dangers and uncertainties include, but are not limited to:
volatility in the price and demand of oil and natural gas;
fluctuations in demand for contract drilling, well and oilfield ancillary services;
the inability of our consumers to offload credit or financing good enough for their drilling and production activity;
changes in drilling generation and well maintenance that may require safe rigs or put us at a competitive disadvantage;
shortages, delays and disruptions in the delivery of appliances and other key inputs;
the effects of the season and weather on operations and facilities;
the availability of qualified and managerial staff;
a decrease in our security functionality that may lead to a decrease in demand for our services;
changes in environmental legislation and regulations, such as increased regulation of hydraulic fracturing or restrictions on fossil fuel burning and greenhouse fuel emissions, which may have a negative effect on oil and fuel demand;
terrorism, social, civil and political unrest in the jurisdictions where we operate;
fluctuations in exchange rates, rates and tax rates; and
other unforeseen situations that may have an effect on the use of facilities provided through Precision and Precision’s ability to resolve those situations.
Readers are cautioned that the above list of threat points is not exhaustive. Reports filed with the relevant securities regulatory authorities include, but are not limited to, additional data on those and other points that may also affect our business, operations or monetary effects. Precision’s annual information form for the year ended December 31, 2021, which may be available in the Precision SEDAR profile in www. sedar. com or under the Precision EDGAR profile in www. sec. gov. The forward-looking data and statements contained in this press release are made as of the date hereof and Precision assumes no legal responsibility to publicly update or revise any forward-looking statements or data, whether as a result of new data, long-term occasions or otherwise, unless required by law.
About PrecisionPrecision is a leading provider of safe, environmentally friendly, high-performance, value-added facilities to the energy industry, offering consumers access to a broad fleet of Super Series platforms. Precision has commercialized a portfolio of cutting-edge virtual technologies known as “Alpha™” that uses complex analytics and automation software to generate efficient, predictable and repeatable effects for energy consumers. Qualified and experienced staff.
Precision is headquartered in Calgary, Alberta, Canada and is indexed on the Toronto Stock Exchange under the symbol “PD” and on the New York Stock Exchange under the symbol “PDS”.
For information, please contact:
Lavonne Zdunich, CPA, CADirector, Investor Relations 403. 716. 4500
800, 525 – Avenue S. W. Calgary, Alberta, Canada T2P 1G1 Website: www. precisiondrilling. com