Success Of Precision Drilling
Submitted by kjones1289 on 06/30/2008 05:21 PM
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Success Of Precision Drilling
THE SUCCESS OF PRECISION DRILLING CORPORATION
Introduction
Precision Drilling Corporation is a successful international oilfield drilling and energy service company. They commenced operations approximately 40 years ago with a single drilling rig. Precision Drilling is globally one of the largest oilfield operations, with 501 actively marketed rigs that operate world wide. A series of acquisitions have been made to position Precision as one of the leading providers in all aspects of contract drilling and technological services.
Story of Success
In the mid 1980's, Precision was known as a three-rig drilling contractor with $4 million in annual revenue. In 1987, Precision changed their name from Precision Drilling Limited to Precision Drilling Corporation, which still stands today. Since 1994, several drilling rigs have been manufactured by Precision, and they have also made a series of acquisitions, which have added 160 rigs and a few related businesses to Precision Drilling Corporation. They have spent approximately $780 million consisting of cash and shares, to take over close to 10 oilfield service companies since May of 1996. Now, Precision operates internationally see Illustration A, page 7
During May 1996, the EnServ Acquisition approximately doubled the revenue for Precision and widened the services that the corporation provides. This was achieved by adding well-servicing and well-snubbing operations, compression equipment packaging, oilfield rentals, sales and service, industrial process services, and industrial equipment.
In June 1997, the acquisition of Kenting Energy Services Inc. and Lynx Energy Services Corp. doubled the size of the company by adding another 94 drilling rigs, 34 camps, three operating facilities and related equipment.
During the year of 1998, Precision carried out an internal reorganization which made all of its 211 drilling...
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