Precision Drilling Corporation Announces Four Kuwait Contract Awards, The Canadian Business Journal

This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For important information regarding such forward-looking information and statements, as well as the additional assumptions and risks to which they are subject, please refer to “Cautionary Note Regarding Forward-Looking Information and Statements” later in this news release. please.

CALGARY, Alberta, Oct. 19, 2022 (GLOBE NEWSWIRE) — Precision Drilling Corporation (“Precision” or “Company”) (TSX:PD; NYSE:PDS) recently won four contracts in Kuwait will be announced. Each has a five-year term and an optional one-year renewal of his. The deal is for our AC Super Triple 3000 HP rigs and he will increase the number of active rigs in Kuwait from three to five rigs by mid-2023.

Additionally, following the signing of two five-year contracts in the second quarter of this year, we recently extended a five-year contract for our third drilling rig in the Kingdom of Saudi Arabia. With his three contract extensions in Saudi Arabia and the signing of a contract in Kuwait, Precision has eight of his rigs under his long-term contract through 2028 in the Middle East, with backlog revenue of around $600 million. Equivalent to US dollars (approximately 820 million Canadian dollars).

“Precision’s achievement of these contract awards is a result of the dedication and commitment of our team. high performance, high value Strategies and excellent service that we have provided to customers in the Middle East region. Additionally, with the recent deal acquisition, Precision’s 2022 strategy to leverage its scale in the region, generate stable and reliable cash flow, create value for shareholders and maximize operational leverage. can meet one of your strategic priorities. Kevin Neveu, President and CEO of Precision, commented:

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this report include “could”, “should”, “could”, “expect”, “estimate”, “intend”, “plan”, “expect”, It contains words such as “believe”. “will,” “could,” “continue,” “plan,” “could,” and similar expressions and statements relating to non-historical matters are constitutes “forward-looking information” within the meaning of the law and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 hereafter (collectively, “forward-looking statements”). Information and Description”).

Among other things, forward-looking information and statements include, but are not limited to:

• Strategic priorities for 2022.When
• Expected activity levels, demand for drilling rigs, and cash flow.

These forward-looking information and statements are based on our experience and our recognition of historical trends, current conditions, anticipated future developments and other factors that we believe are appropriate under the circumstances. Based on certain assumptions and analysis made by Precision. These include, among others:

• Fluctuations in oil prices may force customers to reduce or limit their drilling budgets.
• Successful response to the COVID-19 pandemic.
• Current status of negotiations with customers and vendors.
• Customers must focus on safety performance.
• Existing fixed-term contracts will not be renewed or terminated prematurely.When
• Our ability to deliver rigs to our customers in a timely manner. the overall stability of the economic and political environment in the jurisdictions in which we operate;

You should not place undue reliance on any forward-looking information or statements. Whether actual results, performance or achievements will meet our expectations and projections is subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from our expectations. increase. Such risks and uncertainties include, but are not limited to:

• Volatility in oil and natural gas prices and demand.
• fluctuations in demand for contract drilling, well maintenance and ancillary oilfield services;
• our customers’ inability to obtain sufficient credit or financing to support their drilling and production activities;
• Changes in drilling and well service technology that may reduce demand for certain rigs or place them at a competitive disadvantage.
• Shortages, delays and interruptions of equipment supplies and other critical inputs.
• Effects of seasonal and weather conditions on operations and facilities.
• Availability of qualified personnel and management.
• Reduced safety performance may reduce demand for services.
• Changes in environmental laws and regulations, such as stricter regulations on hydraulic fracturing and limits on fossil fuel burning and greenhouse gas emissions. It could adversely affect the demand for oil and gas.
• terrorism, social, civil or political unrest in foreign jurisdictions in which we operate;
• Fluctuations in foreign exchange, interest rates and tax rates.When
• Any other unforeseen circumstances that may affect your use of the Services provided by Precision and Precision’s ability to respond to such circumstances.

Please note that the preceding list of risk factors is not exhaustive. Additional information regarding these and other factors that may affect our business, operations or financial results is contained in reports filed with applicable securities regulators. It can be accessed through Precision’s SEDAR profile at www.sedar.com or Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof and Precision does not make any forward-looking statements as a result of new information, future events or otherwise. We undertake no obligation to publicly update or revise any forward-looking statements or information. Except where required by law.

About accuracy
Precision is a leading provider of safe and environmentally responsible products. high performance, high value Serving the energy industry and giving customers access to an extensive fleet super series drilling rig. Precision has commercialized an industry-leading digital technology portfolio known as “Alpha™”. The portfolio utilizes advanced automation software and analytics to produce efficient, predictable and repeatable results for energy customers. Additionally, Precision offers all the right service rigs, camps and rental equipment backed by a comprehensive combination of technical support services and skilled and experienced personnel.

Headquartered in Calgary, Alberta, Canada, Precision is listed on the Toronto Stock Exchange under the trading symbol ‘PD’ and on the New York Stock Exchange under the trading symbol ‘PDS’.

For more information, please contact:

Lavonne Zdunich, CPA, California
Director, Investor Relations
403.716.4500

800, 525-8^th Avenue SW
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

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