Precision Drilling Corporation (“Precision” or the “Company”)
(TSX:PD; NYSE:PDS) announced today that the Toronto Stock Exchange
(the “
TSX”) has approved its intention to
implement a normal course issuer bid (“
NCIB”)
through the facilities of the TSX and the New York Stock Exchange
for a portion of its common shares (“
Common
Shares”). The NCIB effectively renews the existing NCIB,
which is scheduled to terminate on August 26, 2020. Precision
believes the NCIB continues to represent another tool for the
Company to enhance the value of its underlying shares.
Pursuant to the renewed NCIB, the Company has
been authorized by the TSX to acquire up to a maximum of 23,997,668
Common Shares, or approximately 10% of the public float as of
August 14, 2020 for cancellation. Purchases under the NCIB
may commence on August 27, 2020 and will terminate no later than
August 26, 2021, or such earlier time as the Company completes its
purchases pursuant to the NCIB or provides notice of
termination.
Purchases under the NCIB will be made through
the facilities of the TSX and the NYSE or alternative trading
platforms and in accordance with applicable regulatory requirements
at a price per Common Share representative of the market price at
the time of acquisition. The number of Common Shares that can be
purchased pursuant to the NCIB is subject to a current daily
maximum of 390,304 Common Shares (which is equal to 25% of the
average daily trading volume on the TSX for the six full calendar
months ending July 31, 2020), subject to the Company's ability to
make one block purchase of Common Shares per calendar week that
exceeds such limits. All Common Shares purchased under the NCIB
will be cancelled after their purchase. The Company intends to fund
the purchases out of its available resources.
Pursuant to its existing NCIB, under which the
Company has approval from the TSX to purchase up to 29,170,887
Common Shares for the period of August 27, 2019 to August 26, 2020,
the Company has purchased 19,586,159 Common Shares on the TSX, NYSE
and alternative trading platforms at a weighted average purchase
price of CAD$1.59 per Common Share.
The Company intends to enter into an automatic
securities purchase plan effective August 27, 2020 under which its
broker may purchase Common Shares in connection with the
NCIB. The plan will contain a prearranged set of criteria in
accordance with which its broker may make Common Share
purchases. These strict parameters enable the purchase of
Common Shares during times when it would ordinarily not be
permitted due to self-imposed blackout periods, insider trading
rules or otherwise. Such plan is adopted in accordance with
applicable Canadian securities laws and the requirements of Rule
10b5-1 under the U.S. Securities Exchange Act of 1934, as
amended.
About PrecisionPrecision is a leading provider
of safe and High Performance, High Value services to the oil and
gas industry. Precision provides customers with access to an
extensive fleet of Super Series drilling rigs supported by an
industry leading technology platform that offers the most
innovative drilling solutions to deliver efficient, predictable and
repeatable results through service differentiation. Precision also
offers well service rigs, camps and rental equipment and
directional drilling services all backed by a comprehensive mix of
technical support services and skilled, experienced personnel.
Precision is 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”.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION AND STATEMENTS
Certain statements contained in this report,
including statements that contain words such as "could", "should",
"can", "anticipate", "estimate", "intend", "plan", "expect",
"believe", "will", "may", "continue", "project", "potential" and
similar expressions and statements relating to matters that are not
historical facts constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information and statements").
In particular, forward looking information and
statements include, but are not limited to the entering in to of an
automatic securities purchase plan and advantages of the NCIB.
Undue reliance should not be placed on
forward-looking information and statements. Whether actual results,
performance or achievements will conform to our expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results to differ materially
from our expectations. Such risks and uncertainties include, but
are not limited to:
- the impact of COVID-19 on our
operations;
- volatility in the price and demand
for oil and natural gas;
- fluctuations in the demand for
contract drilling, well servicing and ancillary oilfield
services;
- our customers’ inability to obtain
adequate credit or financing to support their drilling and
production activity;
- changes in drilling and well
servicing technology which could reduce demand for certain rigs or
put us at a competitive disadvantage;
- shortages, delays and interruptions
in the delivery of equipment supplies and other key
inputs;
- the effects of seasonal and weather
conditions on our operations and facilities;
- the availability of qualified
personnel and management;
- a decline in our safety performance
which could result in lower demand for our services;
- changes in environmental laws and
regulations such as increased regulation of hydraulic fracturing or
restrictions on the burning of fossil fuels and greenhouse gas
emissions, which could have an adverse impact on the demand for oil
and gas;
- terrorism, social, civil and
political unrest in the foreign jurisdictions where we
operate;
- fluctuations in foreign exchange,
interest rates and tax rates; and
- other unforeseen conditions which
could impact the use of services supplied by Precision and
Precision’s ability to respond to such conditions.
Readers are cautioned that the forgoing list of
risk factors is not exhaustive. Additional information on these and
other factors that could affect our business, operations or
financial results are included in reports on file with applicable
securities regulatory authorities, including but not limited to
Precision’s Annual Information Form for the year ended December 31,
2019, which may be accessed on Precision’s SEDAR profile at
www.sedar.com or under 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
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, except as required by
law.
For further information, please contact:
Carey Ford, CFASenior Vice President and Chief
Financial Officer713.435.6136
Dustin Honing, CPAManager, Investor Relations
& Corporate Development403.716.4515
Precision Drilling Corporation800, 525 - 8th
Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website:
www.precisiondrilling.com
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