Precision Drilling expects rig demand growth as LNG Canada startup nears [Financial Post (Toronto, Ontario, Canada)]
Precision Drilling Corporation (PDS)
Last precision drilling corporation earnings: 4/30 06:00 am
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. CALGARY — Precision Drilling Corp. said it will be closely watching the startup of this country's first liquefied natural gas export facility after being caught off guard by the dramatic increase in drilling following the opening of the Trans Mountain pipeline expansion The company is Canada's largest drilling rig contractor, and as such, serves as a barometer for the overall health of the country's energy sector. But chief executive Kevin Neveu said even Precision itself was surprised by what he called the “near instantaneous” uptick in drilling in Western Canada that took place following the opening six months ago of the Trans Mountain oil pipeline expansion. “We were surprised by how quickly customers responded to (new export) capacity with the Trans Mountain pipeline. I'd say the demand (for Precision's drilling rigs) was 10 to 15 per cent higher than we expected resulting from t
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- PDS's page on the SEC website