6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Section 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of, April 2025

Commission File Number: 001-14534

Precision Drilling Corporation

(Exact name of registrant as specified in its charter)

800, 525 - 8 Avenue S.W.Calgary, AlbertaCanada T2P 1G1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F __ Form 40-F    X

SIGNATURE

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: April 24, 2025	PRECISION DRILLING CORPORATION
	By: /s/Carey T Ford
	Name: Carey T Ford
	Title: Chief Financial Officer
Exhibit	DESCRIPTION
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31.1	Certification of Chief Executive Officer, Kevin Neveu, regarding the “Certification of InterimFilings” pursuant to Form 52-109F2.
31.2	Certification of Chief Financial Officer, Carey Ford, regarding the “Certification of InterimFilings” pursuant to Form 52-109F2.
99.1	Management’s Discussion and Analysis for the period ended March 31, 2025.
99.2	Consolidated Financial Statements for the period ended March 31, 2025.

Exhibit 31.1

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

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I, Kevin A. Neveu, President and Chief Executive Officer of Precision Drilling Corporation, certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the<br>"interim filings") of Precision Drilling Corporation (the "issuer"), for the interim period ended March 31, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the<br>interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that<br>is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered<br>by the interim filings.
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3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim<br>financial report together with the other financial information included in the interim filings fairly present in all material respects<br>the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim<br>filings.
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4.	Responsibility: The issuer’s other certifying officer and I are responsible for establishing<br>and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are<br>defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
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5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's<br>other certifying officer and I have, as at the end of the period covered by the interim filings
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(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance<br>that
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(i)	material information relating to the issuer is made known to us by others, particularly during the period<br>in which the interim filings are being prepared; and
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(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports<br>filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified<br>in securities legislation; and
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(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding<br>the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s<br>GAAP.
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5.1	Control framework: The control framework the issuer's other certifying officer and I used<br>to design the issuer's ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (1992) and the Control Objectives<br>for Information and Related Technologies (COBIT).
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5.2	ICFR – material weakness relating to design: N/A.
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5.3	Limitation on scope of design: N/A.
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6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in<br>the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has<br>materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
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Date: April 24, 2025

By:	/s/Kevin A Neveu
	Name: Kevin A. Neveu<br><br> <br>Title: President and Chief Executive Officer

Exhibit 31.2

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

I, Carey T. Ford, Chief Financial Officer of Precision Drilling Corporation, certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the<br>"interim filings") of Precision Drilling Corporation (the "issuer"), for the interim period ended March 31, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the<br>interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that<br>is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered<br>by the interim filings.
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3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim<br>financial report together with the other financial information included in the interim filings fairly present in all material respects<br>the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim<br>filings.
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4.	Responsibility: The issuer’s other certifying officer and I are responsible for establishing<br>and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are<br>defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
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5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's<br>other certifying officer and I have, as at the end of the period covered by the interim filings
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(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance<br>that
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(i)	material information relating to the issuer is made known to us by others, particularly during the period<br>in which the interim filings are being prepared; and
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(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports<br>filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified<br>in securities legislation; and
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(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding<br>the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s<br>GAAP.
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5.1	Control framework: The control framework the issuer's other certifying officer and I used<br>to design the issuer's ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (1992) and the Control Objectives<br>for Information and Related Technologies (COBIT).
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5.2	ICFR – material weakness relating to design: N/A.
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5.3	Limitation on scope of design: N/A.
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6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in<br>the issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on March 31, 2025 that has<br>materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
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Date: April 24, 2025

By:	/s/Carey T. Ford
	Name: Carey T. Ford<br><br> <br>Title: Chief Financial Officer

Exhibit 99.1

PRECISION DRILLING CORPORATION

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First Quarter Report for the three months ended March 31, 2025 and 2024

This report contains “forward-looking information and statements”within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risksto which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in thisreport. This report contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes,gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), FundsProvided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do nothave standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may notbe comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this report.

Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.

Financial Highlights

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·	Revenue in the first quarter was $496 million compared to $528 million<br>realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.
·	Adjusted EBITDA^(1)^ was $137 million and included $3 million<br>of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA^(1)^ was $143<br>million and included share-based compensation expense of $23 million.
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·	First quarter net earnings attributable to shareholders was $35<br>million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net<br>earnings since mid-2022.
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·	Cash provided by operations during the quarter was $63 million,<br>allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.
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·	Capital expenditures were $60 million and the Company has lowered<br>its 2025 capital budget to $200 million versus the $225 million previously announced.
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·	Precision remains committed to repaying at least $100 million of<br>debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.
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Operational Highlights

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·	Canada's activity averaged 74 drilling rigs in the first quarter<br>and surpassed the 73 active rigs in the same period last year.
·	Canadian revenue per utilization day was $35,601 and comparable<br>to the $35,596 in the first quarter of 2024.
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·	U.S. activity averaged 30 drilling rigs compared to 38 in the same<br>period last year.
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·	U.S. revenue per utilization day was US$33,157, which included US$1,263<br>per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.
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·	Internationally, we had eight rigs active in the first quarter,<br>consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.
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·	Service rig operating hours decreased 10% compared to the same quarter<br>last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.
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^(1)^          See “FINANCIAL MEASURES AND RATIOS.”

1

SELECT FINANCIAL AND OPERATING INFORMATION

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Financial Highlights

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)		2025		2024		% Change
Revenue		496,331		527,788		(6.0	)
Adjusted EBITDA^(1)^		137,497		143,149		(3.9	)
Net earnings		34,947		36,516		(4.3	)
Net earnings attributable to shareholders		34,511		36,516		(5.5	)
Cash provided by operations		63,419		65,543		(3.2	)
Funds provided by operations^(1)^		109,842		117,765		(6.7	)
Cash used in investing activities		57,202		75,237		(24.0	)
Capital spending by spend category^(1)^
Expansion and upgrade		19,546		14,370		36.0
Maintenance and infrastructure		40,419		41,157		(1.8	)
Proceeds on sale		(3,765	)	(5,186	)	(27.4	)
Net capital spending^(1)^		56,200		50,341		11.6
Net earnings attributable to shareholders per share :
Basic		2.52		2.53		(0.4	)
Diluted		2.20		2.53		(13.0	)
Weighted average shares outstanding:
Basic		13,683		14,407		(5.0	)
Diluted		14,287		14,410		(0.9	)
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
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Operating Highlights

	2025	2024	% Change
Contract drilling rig fleet	215	214	0.5
Drilling rig utilization days:
Canada	6,680	6,617	1.0
U.S.	2,691	3,453	(22.1	)
International	720	728	(1.1	)
Revenue per utilization day:
Canada (Cdn)	35,601	35,596	0.0
U.S. (US)	33,157	32,867	0.9
International (US)	49,419	52,808	(6.4	)
Operating costs per utilization day:
Canada (Cdn)	20,822	19,959	4.3
U.S. (US)	23,568	21,719	8.5
Service rig fleet	153	183	(16.4	)
Service rig operating hours	66,986	74,505	(10.1	)

All values are in US Dollars.

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Drilling Activity

	Average for the quarter ended 2024					Average for the quarter ended 2025
		Mar. 31	June 30	Sept. 30	Dec. 31		Mar. 31
Average Precision active rig count^(1)^:
Canada		73	49	72	65		74
U.S.		38	36	35	34		30
International		8	8	8	8		8
Total		119	93	115	107		112
^(1)^	Average number of drilling rigs working or moving.
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2

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Financial Position

(Stated in thousands of Canadian dollars, except ratios)	March<br> 31, 2025		December 31, 2024
Working capital^(1)^	(45,033	)	162,592
Cash	28,245		73,771
Long-term debt	567,824		812,469
Total long-term financial liabilities^(1)^	632,369		888,173
Total assets	2,915,984		2,956,315
Long-term debt to long-term debt plus equity ratio ^(1)^	0.25		0.33
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
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Summary for the three months ended March 31, 2025:

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·	Revenue was $496 million compared to $528 million in the first quarter<br>of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.
·	Adjusted EBITDA decreased to $137 million from $143 million, primarily<br>due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation<br>expense. Please refer to “Other Items” later in this report for additional information on share-based compensation.
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·	Adjusted EBITDA as a percentage of revenue was relatively stable<br>at 28% compared to 27% in 2024.
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·	Net earnings attributable to shareholders was $35 million or $2.52<br>per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable<br>to shareholders was $2.20 versus $2.53 in 2024.
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·	Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31<br>million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million<br>of cash and almost $550 million of available liquidity.
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·	In Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian<br>operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations. First<br>quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.
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·	In the U.S. revenue per utilization day, excluding idle but contracted<br>rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization<br>day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.
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·	U.S. operating costs per utilization day increased 9% to US$23,568<br>compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over<br>fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the<br>fourth quarter of 2024.
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·	Internationally, we realized revenue of US$36 million from eight<br>active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.
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·	Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service<br>rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus<br>less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.
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·	General and administrative expenses were $30 million compared with $45 million in the first quarter of<br>2024 primarily due to lower share-based compensation expense.
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·	Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category<br>included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades.<br>Precision has lowered its 2025 capital budget to $200 million.
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3

STRATEGY

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Precision’s vision is to be globally recognized as the High Performance,High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Precision’s 2025 strategic priorities and the progress made during the first quarter are as follows:

1.	Maximize free cash flow through disciplined capital deployment and strict cost management.
·	Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.
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·	Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately<br>$10 million in annual savings.
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·	Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.
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2.	Enhance shareholder returns through debt reduction and share repurchases.  Plan to reduce debtby at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases.
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·	Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.
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·	Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.
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·	Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash<br>flow, before debt repayments, directly to shareholders.
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3.	Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization,and opportunistic consolidating tuck-in acquisitions.
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·	Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.
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·	Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an<br>average day rate of $35,596 in the first quarter of 2024.
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·	Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.
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·	Current market conditions and commodity price volatility make acquisitions less likely in the near term.
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OUTLOOK

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Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand.

In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.

Our Canadian drilling activity peaked at 82 rigs in the first quarter with our Super Triple and Super Single rigs nearly fully utilized. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful changes in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.

In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

4

North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.

As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.

Contracts

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The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. For those quarters ending after March 31, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at April 23, 2025	Average for the quarter ended 2024					Average	Average for the quarter ended 2025					Average
		Mar. 31	June 30	Sept. 30	Dec. 31	2024		Mar. 31	June 30	Sept. 30	Dec. 31	2025
Average rigs under term contract:
Canada		24	22	23	23	23		20	19	18	14	18
U.S.		20	17	17	16	18		16	15	11	8	13
International		8	8	8	8	8		8	7	7	7	7
Total		52	47	48	47	49		44	41	36	29	38

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Seasonality

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In Canada, because of the seasonal nature of well site access, term contracted rigs normally generate 250 utilization days, with some pad drilling rigs trending toward 350 days. Accordingly, our anticipated Canadian rigs under term contract may fluctuate as customers complete their commitments earlier than projected. In most regions in the U.S. and internationally, term contracts normally generate 365 utilization days per year. In accordance with the seasonality of our business and varying levels of rig count, we generally experience builds of working capital in the first and third quarters and releases of working capital in the second and fourth quarters.

Capital Spending and Free Cash Flow Allocation

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Capital spending in 2025 is expected to be $200 million, a decrease of $25 million from our previously announced estimate. Capital spending by spend category is expected to include $158 million for maintenance, infrastructure, and intangibles and $42 million for expansion and upgrades. We expect to spend $178 million in the Contract Drilling Services segment, $19 million in the Completion and Production Services segment and $3 million in the Corporate segment. At March 31, 2025, Precision had capital commitments of $127 million with payments expected through 2027. We remain committed to our debt reduction plans and in 2025 expect to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio^(1)^ of below 1.0 times.

^(1)^	See “FINANCIAL MEASURES AND RATIOS.”

5

Commodity Prices

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First quarter average West Texas Intermediate decreased 7% while Western Canadian Select increased 2% as compared with the same period last year. The average Henry Hub natural gas price increased 85% while AECO declined 3%.

			Year ended<br><br> <br>December 31,
	2025	2024		2024
Average oil and natural gas prices
Oil
West Texas Intermediate (per barrel) (US)	71.42	76.97		75.73
Western Canadian Select (per barrel) (US)	58.80	57.70		61.24
Natural gas
United States
Henry Hub (per MMBtu) (US)	3.87	2.09		2.41
Canada
AECO (per MMBtu) (CDN)	2.12	2.19		1.39

All values are in US Dollars.

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SEGMENTED FINANCIAL RESULTS

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Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025		2024		% Change
Revenue:
Contract Drilling Services		419,457		443,367		(5.4	)
Completion and Production Services		79,330		87,087		(8.9	)
Inter-segment eliminations		(2,456	)	(2,666	)	(7.9	)
		496,331		527,788		(6.0	)
Adjusted EBITDA:^(1)^
Contract Drilling Services		136,016		153,673		(11.5	)
Completion and Production Services		17,546		18,605		(5.7	)
Corporate and Other		(16,065	)	(29,129	)	(44.8	)
		137,497		143,149		(3.9	)
Depreciation and amortization		75,036		78,213		(4.1	)
Gain on asset disposals		(2,872	)	(3,237	)	(11.3	)
Foreign exchange		367		394		(6.9	)
Finance charges		15,760		18,369		(14.2	)
Gain on investments and other assets		(49	)	(228	)	(78.5	)
Net earnings before income tax		49,255		49,638		(0.8	)
Income taxes		14,308		13,122		9.0
Net earnings		34,947		36,516		(4.3	)
Non-controlling interest		436		—		100.0
Net earnings attributable to shareholders		34,511		36,516		(5.5	)
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
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SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

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	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2025		2024		% Change
Revenue		419,457		443,367		(5.4	)
Expenses:
Operating		272,412		276,692		(1.5	)
General and administrative		11,029		13,002		(15.2	)
Adjusted EBITDA^(1)^		136,016		153,673		(11.5	)
Adjusted EBITDA as a percentage of revenue^(1)^		32.4	%	34.7	%
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
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6

Canadian onshore drilling statistics:^(1)^	2025			2024
		Precision	Industry^(2)^		Precision	Industry^(2)^
Average number of active land rigs for quarters ended:
March 31		74	214		73	208
^(1)^	Canadian operations only.
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^(2)^	Baker Hughes rig counts.
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United States onshore drilling statistics:^(1)^	2025			2024
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		Precision	Industry^(2)^		Precision	Industry^(2)^
Average number of active land rigs for quarters ended:
March 31		30	572		38	602
^(1)^	United States lower 48 operations only.
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^(2)^	Baker Hughes rig counts.
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Revenue from Contract Drilling Services fell 5% to $419 million, mainly due to lower U.S. activity. In comparison to the same quarter last year, U.S. drilling rig utilization days (drilling days plus move days) decreased 22% to 2,691 days. This was in part offset by US$3 million in revenue from idle but contracted rigs in the U.S. compared to nil last year.

Adjusted EBITDA decreased 12% to $136 million and was affected by higher operating costs per utilization day in both the U.S. and Canada and $2 million of restructuring costs. In the U.S. operating costs increased 9% to US$23,568 due to higher mobilization costs, two additional rig reactivations, and fixed costs being spread over fewer activity days. In Canada, operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations.

In Canada, 33% of our utilization days were generated from rigs under term contract in first quarter of 2025 and 2024. In the U.S., 55% of utilization days were generated from rigs under term contract similar to the 56% in 2024.

Our general and administrative expenses decreased $2 million as compared with 2024 primarily as a result of lower share-based compensation.

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2025		2024		% Change
Revenue		79,330		87,087		(8.9	)
Expenses:
Operating		59,112		65,480		(9.7	)
General and administrative		2,672		3,002		(11.0	)
Adjusted EBITDA^(1)^		17,546		18,605		(5.7	)
Adjusted EBITDA as a percentage of revenue^(1)^		22.1	%	21.4	%
Well servicing statistics:
Number of service rigs (end of period)		153		183		(16.4	)
Service rig operating hours		66,986		74,505		(10.1	)
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
---	---

Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024 as well service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus lower U.S activity as we began to consolidate our U.S. operations into our Canadian well service business. Completion and Production Services generated 2% of its revenue from U.S. operations, compared with 5% in 2024.

Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.

SEGMENT REVIEW OF CORPORATE AND OTHER

---

Our Corporate and Other segment provides support functions to our operating segments. The Corporate and Other segment had negative Adjusted EBITDA of $16 million as compared with negative Adjusted EBITDA of $29 million in 2024. Our improved current quarter Adjusted EBITDA was impacted by lower share-based compensation expense.

7

OTHER ITEMS

---

Share-based Incentive Compensation Plans

---

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025	2024
Cash settled share-based incentive plans		403	21,759
Equity settled share-based incentive plans		2,427	875
Total share-based incentive compensation plan expense		2,830	22,634
Allocated:
Operating		1,128	5,252
General and Administrative		1,702	17,382
		2,830	22,634

Cash settled share-based compensation expense for the quarter was $0.4 million as compared with $22 million in 2024. The lower expense in 2025 was primarily due to our lower share price performance as compared with 2024.

During the first quarters of 2024 and 2025, we issued Executive Restricted Share Units (Executive RSUs) to certain senior executives. Accordingly, our equity-settled share-based compensation expense for the quarter was $2 million as compared with $1 million in 2024.

As at March 31, 2025, the majority of our share-based compensation plans were classified as cash-settled and will be impacted by changes in our share price. Although accounted for as cash-settled, Precision retains the ability to settle certain vested units in common shares at its discretion.

LIQUIDITY AND CAPITAL RESOURCES

---

The oilfield services business is inherently cyclical in nature. To manage this, we focus on maintaining a strong balance sheet in order to have the financial flexibility to manage our growth and cash flow regardless of where we are in the business cycle. We maintain a variable operating cost structure so we can be responsive to changes in demand.

Our maintenance capital expenditures are tightly governed and highly responsive to activity levels with additional cost savings leverage provided through our internal manufacturing and supply divisions. Term contracts on expansion capital provide more certainty of future revenues and return on our capital investments.

Liquidity

---

Amount	Availability	Used for	Maturity
Senior Credit Facility (secured)
US$375 million (extendible, revolving<br><br>term credit facility with US$375 million accordion feature)	Nil drawn and US$51 million in outstanding letters of credit	General corporate purposes	June 28, 2027
Operating facilities (secured)
$40 million	Undrawn, except $9 million in<br><br>outstanding letters of credit	Letters of credit and general<br><br>corporate purposes
US$15 million	Undrawn	Short-term working capital<br><br>requirements
Demand letter of credit facility (secured)
US$40 million	Undrawn, except US$30 million in<br><br>outstanding letters of credit	Letters of credit
Unsecured senior notes (unsecured)
US$160 million – 7.125%	Fully drawn	Debt redemption and repurchases	January 15, 2026
US$400 million – 6.875%	Fully drawn	Debt redemption and repurchases	January 15, 2029

8

In the first quarter of 2025, we reduced debt by $17 million comprised of a US$12 million repayment on our Senior Credit Facility. As at March 31, 2025, we had $806 million outstanding under our Senior Credit Facility and unsecured senior notes as compared with $822 million at December 31, 2024. The current blended cash interest cost of our debt is approximately 6.9%.

Senior Credit Facility

Our Senior Credit Facility requires that we comply with certain covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA of less than 2.5:1. For purposes of calculating the leverage ratio, consolidated senior debt only includes secured indebtedness. The Senior Credit Facility limits the redemption and repurchase of junior debt subject to a pro forma senior net leverage covenant test of less than or equal to 1.75:1.

The Senior Credit Facility matures on June 28, 2027. The Senior Credit Facility contains a springing maturity date provision such that if any specified unsecured debt, including our 2026 unsecured senior notes, remains outstanding 90 days prior to their maturity date, then the Senior Credit Facility shall mature. We intend to use available operating cash flows and/or proceeds from the Senior Credit Facility to redeem the 2026 unsecured senior notes prior to the springing maturity date of October 14, 2025.

Unsecured Senior Notes

The unsecured senior notes require that we comply with certain restrictive and financial covenants, including an incurrence based consolidated interest coverage ratio test of consolidated cash flow, as defined in the senior note agreements, to consolidated interest expense of greater than 2.0:1 for the most recent four consecutive fiscal quarters. In the event our consolidated interest coverage ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters, the unsecured senior notes restrict our ability to incur additional indebtedness.

As at March 31, 2025, the 2026 unsecured senior notes were reclassified from long-term to current, as they are due on January 15, 2026. For further information, please see the unsecured senior note indentures which are available on SEDAR+ and EDGAR.

Covenants

---

As at March 31, 2025, we were in compliance with the covenants of our Senior Credit Facility.

		Covenant	At March 31, 2025
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA^(1)^	< 2.50		0.01
Consolidated covenant EBITDA to consolidated interest expense	> 2.50		7.92
^(1)^	For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.
---	---

---

Impact of foreign exchange rates

---

The following table summarizes the average and closing Canada-U.S. foreign exchanges rates.

	For the three months ended March 31,		At December 31,
	2025	2024	2024
Canada-U.S. foreign exchange rates
Average	1.44	1.35	—
Closing	1.44	1.35	1.44

---

Hedge of investments in foreign operations

---

We utilize foreign currency long-term debt to hedge our exposure to changes in the carrying value of our net investment in certain foreign operations as a result of changes in foreign exchange rates.

We have designated our U.S. dollar-denominated long-term debt as a net investment hedge in our U.S. operations and other foreign operations that have a U.S. dollar functional currency. To be accounted for as a hedge, the foreign currency denominated long-term debt must be designated and documented as such and must be effective at inception and on an ongoing basis. We recognize the effective amount of this hedge (net of tax) in other comprehensive income. We recognize ineffective amounts (if any) in net earnings.

9

QUARTERLY FINANCIAL SUMMARY

---

(Stated in thousands of Canadian dollars, except per share amounts)	2024				2025
Quarters ended		June 30	September 30	December 31	March 31
Revenue		429,214	477,155	468,171	496,331
Adjusted EBITDA^(1)^		115,121	142,425	120,526	137,497
Net earnings		20,701	39,183	14,930	34,947
Net earnings attributable to shareholders		20,701	39,183	14,795	34,511
Net earnings  attributable to shareholders per basic share		1.44	2.77	1.06	2.52
Net earnings attributable to shareholders per diluted share		1.44	2.31	1.06	2.20
Funds provided by operations^(1)^		111,750	113,322	120,535	109,842
Cash provided by operations		174,075	79,674	162,791	63,419
(Stated in thousands of Canadian dollars, except per share amounts)	2023				2024
---	---	---	---	---	---
Quarters ended		June 30	September 30	December 31	March 31
Revenue		425,622	446,754	506,871	527,788
Adjusted EBITDA^(1)^		142,093	114,575	151,231	143,149
Net earnings		26,900	19,792	146,722	36,516
Net earnings attributable to shareholders		26,900	19,792	146,722	36,516
Net earnings  attributable to shareholders per basic share		1.97	1.45	10.42	2.53
Net earnings attributable to shareholders per diluted share		1.63	1.45	9.81	2.53
Funds provided by operations^(1)^		136,959	91,608	145,189	117,765
Cash provided by operations		213,460	88,500	170,255	65,543
^(1)^	See “FINANCIAL MEASURES AND RATIOS.”
---	---

---

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

---

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2024 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

---

Based on their evaluation as at December 31, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), were effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at March 31, 2025, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

10

FINANCIAL MEASURES AND RATIOS

---

Non-GAAP Financial Measures
We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA	We believe Adjusted EBITDA (earnings before income taxes, gain on investments<br> and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed<br> Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives<br> an indication of the results from our principal business activities prior to consideration of how our activities are financed and the<br> impact of foreign exchange, taxation and depreciation and amortization charges.<br><br> <br><br><br> <br>The most directly comparable financial measure is net earnings.

---

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025		2024
Adjusted EBITDA by segment:
Contract Drilling Services		136,016		153,673
Completion and Production Services		17,546		18,605
Corporate and Other		(16,065	)	(29,129	)
Adjusted EBITDA		137,497		143,149
Depreciation and amortization		75,036		78,213
Gain on asset disposals		(2,872	)	(3,237	)
Foreign exchange		367		394
Finance charges		15,760		18,369
Gain on investments and other assets		(49	)	(228	)
Income taxes		14,308		13,122
Net earnings		34,947		36,516
Non-controlling interests		436		—
Net earnings attributable to shareholders		34,511		36,516

---

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed<br> Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business<br> activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.<br><br> <br><br><br> <br>The most directly comparable financial measure is cash provided by (used<br> in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication<br> of our primary investment activities.<br><br> <br><br><br> <br>The most directly comparable financial measure is cash provided by (used<br> in) investing activities.<br><br> <br><br><br> <br>Net capital spending is calculated as follows:

---

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2025		2024
Capital spending by spend category
Expansion and upgrade		19,546		14,370
Maintenance, infrastructure and intangibles		40,419		41,157
		59,965		55,527
Proceeds on sale of property, plant and equipment		(3,765	)	(5,186	)
Net capital spending		56,200		50,341
Purchase of investments and other assets		11		—
Receipt of finance lease payments		(208	)	(191	)
Changes in non-cash working capital balances		1,199		25,087
Cash used in investing activities		57,202		75,237

---

11

Working Capital	We define working capital as current assets less current liabilities, as<br> reported in our Condensed Interim Consolidated Statements of Financial Position.<br><br> <br><br><br> <br>Working capital is calculated as follows:

---

	March 31,		December 31,
(Stated in thousands of Canadian dollars)	2025		2024
Current assets	481,111		501,284
Current liabilities	(526,144	)	(338,692	)
Working capital	(45,033	)	162,592

---

Total Long-term Financial Liabilities	We define total long-term financial liabilities as total non-current liabilities<br> less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.<br><br> <br><br><br> <br>Total long-term financial liabilities is calculated as follows:

---

	March 31,		December 31,
(Stated in thousands of Canadian dollars)	2025		2024
Total non-current liabilities	688,940		935,624
Deferred tax liabilities	(56,571	)	(47,451	)
Total long-term financial liabilities	632,369		888,173

---

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA % of Revenue	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
Long-term debt to long-term debt plus equity	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
Net Debt to Adjusted EBITDA	We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
Supplementary Financial Measures<br><br> <br>****
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Capital Spending by Spend Category	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

12

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

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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 following:

·	our strategic priorities for 2025;
·	our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;
---	---
·	anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
---	---
·	the average number of term contracts in place for 2025;
---	---
·	customer adoption of Alpha^TM^ technologies and EverGreen^TM^ suite of environmental<br>solutions;
---	---
·	potential commercial opportunities and rig contract renewals; and
---	---
·	our future debt reduction plans.
---	---

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

·	our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
·	the status of current negotiations with our customers and vendors;
---	---
·	customer focus on safety performance;
---	---
·	existing term contracts are neither renewed nor terminated prematurely;
---	---
·	our ability to deliver rigs to customers on a timely basis;
---	---
·	the impact of an increase/decrease in capital spending; and
---	---
·	the general stability of the economic and political environments in the jurisdictions where we operate.
---	---

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:

·	volatility in the price and demand for oil and natural gas;
·	fluctuations in the level of oil and natural gas exploration and development activities;
---	---
·	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<br>activity;
---	---
·	changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us<br>at a competitive advantage;
---	---
·	shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
---	---
·	liquidity of the capital markets to fund customer drilling programs;
---	---
·	availability of cash flow, debt and equity sources to fund our capital and operating requirements, as<br>needed;
---	---
·	the impact of weather and seasonal conditions on operations and facilities;
---	---
·	the impact of tariffs and trade disputes;
---	---
·	competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
---	---
·	ability to improve our rig technology to improve drilling efficiency;
---	---
·	general economic, market or business conditions;
---	---
·	the availability of qualified personnel and management;
---	---
·	a decline in our safety performance which could result in lower demand for our services;
---	---
·	changes in laws or regulations, including changes in environmental laws and regulations such as increased<br>regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse<br>impact on the demand for oil and natural 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<br>ability to respond to such conditions.
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13

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, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this report 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.

14

Exhibit 99.2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash	$	28,245		$	73,771
Accounts receivable		397,684			378,712
Inventory		49,176			43,300
Assets held for sale		6,006			5,501
Total current assets		481,111			501,284
Non-current assets:
Deferred tax assets		2,437			6,559
Property, plant and equipment		2,342,482			2,356,173
Intangibles		13,537			12,997
Right-of-use assets		63,223			66,032
Finance lease receivables		4,670			4,806
Investments and other assets		8,524			8,464
Total non-current assets		2,434,873			2,455,031
Total assets	$	2,915,984		$	2,956,315
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	271,696		$	314,355
Income taxes payable		4,526			3,778
Current portion of lease obligations		19,703			20,559
Current portion of long-term debt (Note 5)		230,219			-
Total current liabilities		526,144			338,692
Non-current liabilities:
Share-based compensation (Note 7)		5,391			13,666
Provisions and other		7,478			7,472
Lease obligations		51,676			54,566
Long-term debt (Note 5)		567,824			812,469
Deferred tax liabilities		56,571			47,451
Total non-current liabilities		688,940			935,624
Equity:
Shareholders’ capital (Note 8)		2,287,422			2,301,729
Contributed surplus		77,011			77,557
Accumulated other comprehensive income		197,827			199,020
Deficit		(866,323	)		(900,834	)
Total equity attributable to shareholders		1,695,937			1,677,472
Non-controlling interest		4,963			4,527
Total equity		1,700,900			1,681,999
Total liabilities and equity	$	2,915,984		$	2,956,315

See accompanying notes to condensed interim consolidated financial statements.

| 1 |

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)	2025			2024
Revenue (Note 3)	$	496,331		$	527,788
Expenses:
Operating		329,068			339,506
General and administrative		29,766			45,133
Earnings before income taxes, gain on<br>    investments and other assets, finance <br>    charges, foreign exchange, gain on asset<br>    disposals, and depreciation and amortization		137,497			143,149
Depreciation and amortization		75,036			78,213
Gain on asset disposals		(2,872	)		(3,237	)
Foreign exchange		367			394
Finance charges (Note 6)		15,760			18,369
Gain on investments and other assets		(49	)		(228	)
Earnings before income taxes		49,255			49,638
Income taxes:
Current		1,106			1,017
Deferred		13,202			12,105
		14,308			13,122
Net earnings	$	34,947		$	36,516
Attributable to:
Shareholders of Precision Drilling Corporation	$	34,511		$	36,516
Non-controlling interests	$	436		$	-
Net earnings per share attributable to shareholders<br>    of Precision Drilling Corporation: (Note 9)
Basic	$	2.52		$	2.53
Diluted	$	2.20		$	2.53

See accompanying notes to condensed interim consolidated financial statements.

| 2 |

| --- |

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2025			2024
Net earnings	$	34,947		$	36,516
Unrealized gain (loss) on translation of assets <br>    and liabilities of operations denominated in <br>    foreign currency		(658	)		32,253
Foreign exchange loss on net investment hedge<br>    with U.S. denominated debt		(535	)		(20,159	)
Comprehensive income	$	33,754		$	48,610
Attributable to:
Shareholders of Precision Drilling Corporation	$	33,318		$	48,610
Non-controlling interests	$	436		$	-

See accompanying notes to condensed interim consolidated financial statements.

| 3 |

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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
(Stated in thousands of Canadian dollars)	2025			2024
Cash provided by (used in):
Operations:
Net earnings	$	34,947		$	36,516
Adjustments for:
Long-term compensation plans		3,016			7,451
Depreciation and amortization		75,036			78,213
Gain on asset disposals		(2,872	)		(3,237	)
Foreign exchange		(783	)		728
Finance charges		15,760			18,369
Income taxes		14,308			13,122
Gain on investments and other assets		(49	)		(228	)
Income taxes paid		(321	)		(234	)
Interest paid		(29,637	)		(33,430	)
Interest received		437			495
Funds provided by operations		109,842			117,765
Changes in non-cash working capital balances		(46,423	)		(52,222	)
Cash provided by operations		63,419			65,543
Investments:
Purchase of property, plant and equipment		(59,965	)		(55,527	)
Proceeds on sale of property, plant and equipment		3,765			5,186
Purchase of investments and other assets		(11	)		-
Receipt of finance lease payments		208			191
Changes in non-cash working capital balances		(1,199	)		(25,087	)
Cash used in investing activities		(57,202	)		(75,237	)
Financing:
Repayment of long-term debt		(17,110	)		(716	)
Repurchase of share capital (Note 8)		(30,766	)		(10,081	)
Lease payments		(3,587	)		(3,200	)
Cash used in financing activities		(51,463	)		(13,997	)
Effect of exchange rate changes on cash		(280	)		457
Increase (decrease) in cash		(45,526	)		(23,234	)
Cash, beginning of period		73,771			54,182
Cash, end of period	$	28,245		$	30,948

See accompanying notes to condensed interim consolidated financial statements.

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CONDENSED INTERIM CONSOLIDATED STATEMENTSOF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of <br> Canadian dollars)	Shareholders’<br> Capital			Contributed<br> Surplus			Accumulated<br> Other<br> Comprehensive<br> Income			Deficit			Total			Non-<br> controlling interest		Total<br> Equity
Balance at January 1, 2025	$	2,301,729		$	77,557		$	199,020		$	(900,834	)	$	1,677,472		$	4,527	$	1,681,999
Net earnings for the period		-			-			-			34,511			34,511			436		34,947
Other comprehensive income <br>    for the period		-			-			(1,193	)		-			(1,193	)		-		(1,193	)
Settlement of Executive <br>    Performance and Restricted <br>    Share Units		11,651			(2,790	)		-			-			8,861			-		8,861
Share repurchases (Note 8)		(26,141	)		-			-			-			(26,141	)		-		(26,141	)
Redemption of non-management <br>    directors share units		183			(183	)		-			-			-			-		-
Share-based compensation <br>    expense		-			2,427			-			-			2,427			-		2,427
Balance at March 31, 2025	$	2,287,422		$	77,011		$	197,827		$	(866,323	)	$	1,695,937		$	4,963	$	1,700,900
	Attributable to shareholders of the Corporation
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(Stated in thousands of <br> Canadian dollars)	Shareholders’<br> Capital			Contributed<br> Surplus			Accumulated<br> Other<br> Comprehensive<br> Income		Deficit			Total			Non-<br> controlling interest		Total<br> Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	-	$	1,575,662
Net earnings for the period		-			-			-		36,516			36,516			-		36,516
Other comprehensive income<br>    for the period		-			-			12,094		-			12,094			-		12,094
Settlement of Executive <br>    Performance and Restricted <br>    Share Units		21,846			(1,479	)		-		-			20,367			-		20,367
Share repurchases		(10,081	)		-			-		-			(10,081	)		-		(10,081	)
Share-based compensation<br>    expense		-			875			-		-			875			-		875
Balance at March 31, 2024	$	2,376,894		$	74,482		$	159,570	$	(975,513	)	$	1,635,433		$	-	$	1,635,433

See accompanying notes to condensed interim consolidated financial statements.

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NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Tabular amounts are stated in thousands of Canadian dollars exceptshare numbers and per share amounts)

NOTE 1. DESCRIPTION OF BUSINESS

Precision Drilling Corporation (Precision or the Corporation) is incorporated under the laws of the Province of Alberta, Canada and is a provider of contract drilling and completion and production services primarily to oil and natural gas and geothermal exploration and production companies in Canada, the United States and certain international locations.

NOTE 2. BASIS OF PRESENTATION

---

(a) Statement of Compliance

---

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards 34, Interim Financial Reporting, using accounting policies consistent with IFRS as issued by the International Accounting Standards Board (IASB).

The condensed interim consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated annual financial statements of the Corporation as at and for the year ended December 31, 2024.

These condensed interim consolidated financial statements were prepared using accounting policies and methods of their application are consistent with those used in the preparation of the Corporation’s consolidated annual financial statements for the year ended December 31, 2024.

These condensed interim consolidated financial statements were approved by the Board of Directors on April 23, 2025.

(b) Use of Estimates and Judgements

---

The preparation of the condensed interim consolidated financial statements requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in preparation of the condensed interim consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes.

Significant estimates and judgements used in the preparation of these condensed interim consolidated financial statements remained unchanged from those disclosed in the Corporation’s consolidated annual financial statements for the year ended December 31, 2024.

The impacts of geopolitical events, such as the imposed tariffs between Canada and the U.S., regional conflicts, especially in oil producing areas, can materially impact energy markets, interest and inflation rates, and supply chains, resulting in higher levels of volatility and uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into the estimates made, however, actual results could differ from those estimates and those differences could be material.

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NOTE 3. Revenue

---

(a)	Disaggregation of revenue

The following table includes a reconciliation of disaggregated revenue by reportable segment. Revenue has been disaggregated by primary geographical market and type of service provided.

Three Months Ended March 31, 2025	Contract<br> Drilling<br> Services		Completion<br> and<br> Production<br> Services		Corporate<br> and Other		Inter-<br> Segment<br> Eliminations			Total
Canada	$	240,437	$	77,681	$	-	$	(2,456	)	$	315,662
United States		127,933		1,649		-		-			129,582
International		51,087		-		-		-			51,087
	$	419,457	$	79,330	$	-	$	(2,456	)	$	496,331
Day rate/hourly services	$	411,935	$	79,330	$	-	$	(628	)	$	490,637
Shortfall payments/idle but contracted		4,896		-		-		-			4,896
Other		2,626		-		-		(1,828	)		798
	$	419,457	$	79,330	$	-	$	(2,456	)	$	496,331

---

Three Months Ended March 31, 2024	Contract<br> Drilling<br> Services		Completion<br> and<br> Production<br> Services		Corporate<br> and Other		Inter-<br> Segment<br> Eliminations			Total
Canada	$	238,577	$	82,946	$	-	$	(2,666	)	$	318,857
United States		152,943		4,141		-		-			157,084
International		51,847		-		-		-			51,847
	$	443,367	$	87,087	$	-	$	(2,666	)	$	527,788
Day rate/hourly services	$	440,334	$	87,087	$	-	$	(177	)	$	527,244
Other		3,033		-		-		(2,489	)		544
	$	443,367	$	87,087	$	-	$	(2,666	)	$	527,788

---

(b)	Seasonality

Precision has operations that are carried on in Canada which represent approximately 64% (2024 – 60%) of consolidated revenue for the three months ended March 31, 2025 and 42% (2024 – 42%) of consolidated total assets as at March 31, 2025. The ability to move heavy equipment in Canadian oil and natural gas fields is dependent on weather conditions. As warm weather returns in the spring, the winter's frost comes out of the ground rendering many secondary roads incapable of supporting the weight of heavy equipment until they have thoroughly dried out. The duration of this “spring break-up” has a direct impact on Precision’s activity levels. In addition, many exploration and production areas in northern Canada are accessible only in winter months when the ground is frozen hard enough to support equipment. The timing of freeze up and spring break-up affects the ability to move equipment in and out of these areas. As a result, late March through May is traditionally Precision’s slowest time in this region.

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NOTE 4. SEGMENTED INFORMATION

---

The Corporation has two reportable operating segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental and camp and catering services. The Corporation provides services primarily in Canada, the United States and certain international locations.

Three Months Ended March 31, 2025	Contract<br> Drilling<br> Services			Completion<br> and<br> Production<br> Services			Corporate<br> and Other			Inter-<br> Segment<br> Eliminations			Total
Revenue	$	419,457		$	79,330		$	-		$	(2,456	)	$	496,331
Earnings before income taxes, gain on<br>    investments and other assets, finance <br>    charges, foreign exchange, gain on <br>    asset disposals, and depreciation <br>    and amortization		136,016			17,546			(16,065	)		-			137,497
Depreciation and amortization		67,021			5,565			2,450			-			75,036
Gain on asset disposals		(1,289	)		(1,583	)		-			-			(2,872	)
Foreign exchange		155			34			178			-			367
Finance charges		100			101			15,559			-			15,760
Gain on investments and other assets		-			-			(49	)		-			(49	)
Income taxes		(5,359	)		(159	)		19,826			-			14,308
Net earnings for reportable segments		75,388			13,588			(54,029	)		-			34,947
Total assets		2,534,573			247,807			133,604			-			2,915,984
Capital expenditures		56,863			2,986			116			-			59,965
Three Months Ended March 31, 2024	Contract<br> Drilling<br> Services			Completion<br> and<br> Production<br> Services			Corporate<br> and Other			Inter-<br> Segment<br> Eliminations			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Revenue	$	443,367		$	87,087		$	-		$	(2,666	)	$	527,788
Earnings before income taxes, gain on<br>    investments and other assets, finance <br>    charges, foreign exchange, gain on <br>    asset disposals, and depreciation <br>    and amortization		153,673			18,605			(29,129	)		-			143,149
Depreciation and amortization		69,052			6,820			2,341			-			78,213
Gain on asset disposals		(2,667	)		(542	)		(28	)		-			(3,237	)
Foreign exchange		98			3			293			-			394
Finance charges		511			103			17,755			-			18,369
Gain on investments and other assets		-			-			(228	)		-			(228	)
Income taxes		(10,471	)		483			23,110			-			13,122
Net earnings for reportable segments		97,150			11,738			(72,372	)		-			36,516
Total assets		2,557,443			262,734			176,949			-			2,997,126
Capital expenditures		52,385			2,920			222			-			55,527

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NOTE 5. LONG-TERM DEBT

	U.S. Denominated Facilities				Translated U.S. Facilities
	March 31,		December 31,		March 31,			December 31,
	2025		2024		2025			2024
Current Portion of Long-Term Debt
Unsecured Senior Notes:
7.125% senior notes due 2026	US$	160,000	US$	-	$	230,219		$	-
	US$	160,000	US$	-	$	230,219		$	-
Long-Term Debt
Senior Credit Facility	US$	-	US$	12,000	$	-		$	17,252
Unsecured Senior Notes:
7.125% senior notes due 2026		-		160,000		-			230,026
6.875% senior notes due 2029		400,000		400,000		575,548			575,064
	US$	400,000	US$	572,000		575,548			822,342
Less net unamortized debt issue costs<br>    and original issue discount						(7,724	)		(9,873	)
					$	567,824		$	812,469
	Senior Credit Facility			Unsecured Senior Notes		Debt Issue Costs and Original Issue Discount			Total
---	---	---	---	---	---	---	---	---	---	---	---
Current	$	-		$	-	$	-		$	-
Long-term		17,252			805,090		(9,873	)		812,469
December 31, 2024		17,252			805,090		(9,873	)		812,469
Changes from financing cash flows:
Repayment of Senior Credit Facility		(17,110	)		-		-			(17,110	)
		142			805,090		(9,873	)		795,359
Amortization of debt issue costs		-			-		555			555
Reclassification of loan commitment fees		-			-		1,594			1,594
Foreign exchange adjustment		(142	)		677		-			535
March 31, 2025	$	-		$	805,767	$	(7,724	)	$	798,043
Current	$	-		$	230,219	$	-		$	230,219
Long-term		-			575,548		(7,724	)		567,824
March 31, 2025	$	-		$	805,767	$	(7,724	)	$	798,043

As at March 31, 2025, the 2026 Unsecured Senior Notes (2026 Notes) were reclassified from long-term to current, as they are due on January 15, 2026. The Senior Credit Facility matures on June 28, 2027. The Senior Credit Facility contains a springing maturity date provision such that if any specified unsecured debt, including the 2026 Notes, remains outstanding 90 days prior to their maturity date, then the Senior Credit Facility shall mature. Precision intends to use available operating cash flows and/or proceeds from the Senior Credit Facility to redeem the 2026 Notes prior to the springing maturity date of October 14, 2025.

As at March 31, 2025, Precision was in compliance with the covenants of the Senior Credit Facility.

	Covenant	As<br> of March 31, 2025
Senior Credit Facility
Consolidated senior debt to consolidated covenant EBITDA^(1)^	< 2.50		0.01
Consolidated covenant EBITDA to consolidated interest expense	> 2.50		7.92
(1)	For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.
---	---

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NOTE 6. FINANCE CHARGES

	Three Months Ended March 31,
	2025			2024
Interest:
Long-term debt	$	14,490		$	17,028
Lease obligations		1,031			1,039
Other		17			91
Income		(499	)		(568	)
Amortization of debt issue costs, loan commitment fees<br>    and original issue discount		721			779
Finance charges	$	15,760		$	18,369

---

NOTE 7. SHARE-BASED COMPENSATION PLANS

Liability Classified Plans

---

	Restricted<br> Share Units ^(a)^			Performance<br> Share <br> Units ^(a)^			Non-Management<br> Directors’ DSUs ^(b)^			Total
December 31, 2024	$	11,560		$	35,443		$	10,855		$	57,858
Expensed during period		149			2,803			(2,549	)		403
Settlement in shares		(1,920	)		(6,941	)		-			(8,861	)
Payments and redemptions		(6,718	)		(21,350	)		-			(28,068	)
Foreign exchange		(17	)		(73	)		-			(90	)
March 31, 2025	$	3,054		$	9,882		$	8,306		$	21,242
Current	$	2,159		$	5,386		$	8,306		$	15,851
Long-term		895			4,496			-			5,391
	$	3,054		$	9,882		$	8,306		$	21,242

(a)                Restricted Share Units and Performance Share Units

A summary of the activity under the Restricted Share Unit (RSU) and the Performance Share Unit (PSU) plans are presented below:

	RSUs<br> Outstanding			PSUs<br> Outstanding
December 31, 2024		179,760			497,053
Granted		65,234			155,437
Redeemed		(102,665	)		(229,076	)
Forfeited		(4,888	)		(6,662	)
March 31, 2025		137,441			416,752

(b)                Non-Management Directors – Deferred Share Units Plan

A summary of the activity under the non-management director DSU plan is presented below:

	DSUs<br> Outstanding
December 31, 2024		123,473
Granted		699
March 31, 2025		124,172

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Equity Settled Plans

(c)                Executive Restricted Share Units Plan

Precision granted Executive RSUs to certain senior executives with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. Granted units vest annually over a three-year term.

	Executive RSUs Outstanding			Weighted Average Fair Value
December 31, 2024		92,492		$	85.48
Granted		89,291			80.35
Redeemed		(36,094	)		87.07
Forfeited		(3,338	)		81.62
March 31, 2025		142,351		$	81.95

Included in net earnings for the three months ended March 31, 2025 were expenses of $2 million (2024 – $1 million).

(d)                Option Plan

A summary of the activity under the option plan is presented below:

Canadian share options	Outstanding			Range of<br> Exercise Price				Weighted<br> Average<br> Exercise Price		Exercisable
December 31, 2024		11,960		$	87.00	-	87.00	$	87.00		11,960
Forfeited		(11,960	)		87.00	-	87.00		87.00
March 31, 2025		-		$	-	-	-	$	-		-
U.S. share options	Outstanding			Range of Exercise Price (US)			Weighted Average Exercise Price  (US)	Exercisable
---	---	---	---	---	---	---	---	---	---
December 31, 2024		60,052			-	72.46			60,052
Forfeited		(48,790	)		-	68.80
March 31, 2025		11,262			-	72.46			11,262

All values are in US Dollars.

No options were granted or exercised during the quarter ended March 31, 2025.

(e)                Non-Management Directors – Deferred Share Unit Plans

A summary of the activity under the non-management director DSU plans is presented below:

Deferred share units	Outstanding- <br> 2012 Plan		Outstanding- <br> 2024 Plan
December 31, 2024		1,470		2,753
Granted		-		4,691
Redeemed		-		(2,796	)
March 31, 2025		1,470		4,648

Included in net earnings for the three months ended March 31, 2025 were expenses of $1 million (2024 – nil).

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NOTE 8. SHAREHOLDERS’ CAPITAL

Common shares	Number			Amount
December 31, 2024		13,779,502		$	2,301,729
Reversal of share repurchase accrual — December 31, 2024		-			10,000
Share repurchase accrual — March 31, 2025		-			(5,000	)
Settlement of PSUs and RSUs		150,068			11,651
Share repurchases		(408,973	)		(31,141	)
Redemption of non-management directors share units		2,572			183
March 31, 2025		13,523,169		$	2,287,422

For the quarter ended March 31, 2025, Precision repurchased and cancelled a total of 408,973 (2024 – 123,100) common shares for $31 million (2024 – $10 million) and recorded $0.4 million (2024 – nil) of Canadian share buy back tax.

Prior to March 31, 2025, Precision entered into an Automated Share Purchase Plan (ASPP) with an independent broker to permit the repurchase of common shares during its internal blackout period. The volume of purchases is determined by the broker in its sole discretion based on purchase price and maximum volume parameters established by the Corporation under the ASPP. The Corporation recorded a liability for purchases estimated to occur during the blackout period based on the parameters of the Normal Course Issuer Bid (NCIB) and the ASPP. As at March 31, 2025, Precision recorded a liability in accounts payable with a corresponding decrease to share capital of $5 million.

NOTE 9. PER SHARE AMOUNTS

---

The following tables reconcile net earnings and weighted average shares outstanding used in computing basic and diluted net earnings per share:

---

	Three Months Ended March 31,
	2025			2024
Net earnings attributable to shareholders – basic	$	34,511		$	36,516
Effect of share options and other equity<br>    compensation plans		(3,068	)		-
Net earnings attributable to shareholders – diluted	$	31,443		$	36,516

---

	Three Months Ended March 31,
(Stated in thousands)	2025		2024
Weighted average shares outstanding – basic		13,683		14,407
Effect of share options and other equity<br>    compensation plans		604		3
Weighted average shares outstanding – diluted		14,287		14,410

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NOTE 10. FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying value of cash, accounts receivable, accounts payable and accrued liabilities, and current portion of long-term debt approximates their fair value due to the relatively short period to maturity of the instruments. At the end of each reporting period, investments and other assets are measured at their estimated fair value, with changes in fair value recognized in profit or loss. Amounts drawn on the Senior Credit Facility, measured at amortized cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at March 31, 2025 was approximately $791 million (December 31, 2024 – $801 million).

Financial assets and liabilities recorded or disclosed at fair value in the consolidated statement of financial position are categorized based upon the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair value determination and are as follows:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

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Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

The estimated fair value of unsecured senior notes is based on level II inputs. The fair value is estimated considering the risk-free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

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| --- | | SHAREHOLDER INFORMATION<br><br> <br><br><br> <br>STOCK EXCHANGE LISTINGS<br><br> <br>Shares of Precision Drilling Corporation are listed on the Toronto Stock<br> Exchange under the trading symbol PD and on the New York Stock Exchange under the trading symbol PDS.<br><br> <br><br><br> <br>TRANSFER AGENT AND REGISTRAR<br><br> <br>Computershare Trust Company of Canada<br><br> <br>Calgary, Alberta<br><br> <br><br><br> <br>TRANSFER POINT<br><br> <br>Computershare Trust Company NA<br><br> <br>Canton, Massachusetts<br><br> <br><br><br> <br>Q1 2025 TRADING PROFILE<br><br> <br>Toronto (TSX: PD)<br><br> <br>High: $96.91<br><br> <br>Low: $62.16<br><br> <br>Close: $66.90<br><br> <br>Volume Traded: 8,332,044<br><br> <br><br><br> <br>New York (NYSE: PDS)<br><br> <br>High: US$67.35<br><br> <br>Low: US$43.00<br><br> <br>Close: US$46.62<br><br> <br>Volume Traded: 6,624,825<br><br> <br><br><br> <br>ACCOUNT QUESTIONS<br><br> <br>Precision’s Transfer Agent can help you with a variety of shareholder<br> related services, including:<br><br> <br>• change of address<br><br> <br>• lost unit certificates<br><br> <br>• transfer of shares to another person<br><br> <br>• estate settlement<br><br> <br><br><br> <br>Computershare Trust Company of Canada<br><br> <br>100 University Avenue<br><br> <br>9th Floor, North Tower<br><br> <br>Toronto, Ontario M5J 2Y1<br><br> <br>Canada<br><br> <br><br><br> <br>1-800-564-6253 (toll free in Canada and the United States)<br><br> <br>1-514-982-7555 (international direct dialing)<br><br> <br>Email: service@computershare.com<br><br> <br><br><br> <br>ONLINE INFORMATION<br><br> <br>To receive news releases by email, or to view this interim report online,<br> please visit Precision’s website at www.precisiondrilling.com and refer to the Investor Relations section. Additional information<br> relating to Precision, including the Annual Information Form, Annual Report and Management Information Circular has been filed with SEDAR+<br> and is available at www.sedarplus.ca and on the EDGAR website www.sec.gov | CORPORATE INFORMATION<br><br> <br><br><br> <br>DIRECTORS<br><br> <br>William T. Donovan<br><br> <br>Steven W. Krablin<br><br> <br>Susan M. MacKenzie<br><br> <br>Lori A. Lancaster<br><br> <br>Kevin O. Meyers<br><br> <br>Kevin A. Neveu<br><br> <br>David W. Williams<br><br> <br>Alice L. Wong<br><br> <br><br><br> <br>OFFICERS<br><br> <br>Kevin A. Neveu<br><br> <br>President and Chief Executive Officer<br><br> <br><br><br> <br>Veronica H. Foley<br><br> <br>Chief Legal & Compliance Officer<br><br> <br><br><br> <br>Carey T. Ford<br><br> <br>Chief Financial Officer<br><br> <br><br><br> <br>Shuja U. Goraya<br><br> <br>Chief Technology Officer<br><br> <br><br><br> <br>Darren J. Ruhr<br><br> <br>Chief Administrative Officer<br><br> <br><br><br> <br>Gene C. Stahl<br><br> <br>President, North American Drilling<br><br> <br><br><br> <br>AUDITORS<br><br> <br>KPMG LLP<br><br> <br>Calgary, Alberta<br><br> <br><br><br> <br>HEAD OFFICE<br><br> <br>Suite 800, 525 8th Avenue SW<br><br> <br>Calgary, Alberta, T2P 1G1<br><br> <br>Canada<br><br> <br>Telephone: 403-716-4500<br><br> <br>Facsimile: 403-264-0251<br><br> <br>Email: info@precisiondrilling.com<br><br> <br>www.precisiondrilling.com | | --- | --- |

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