President and CEO Kevin Neveu said during an earnings call Friday the company was in “the early stages of this rebound” and had reactivated 53 rigs in North America and re-hired 1,000 employees. He said the majority of those oilfield workers had previously been employed by Precision.
“We’re encouraged by the significant improvement in sentiment of our customers and the resulting increase in activity and market share that we’ve achieved,” Neveu said.
Calgary-based Precision said it would hike prices for its its larger, deeper-reaching rigs – called “super triples” – as demand is increasing.
Oilfield activity has slowed dramatically and tens of thousands of people have lost their jobs in Alberta since crude prices began their dramatic fall more than two years ago, with very few signs of a rebound. But Neveu said Precision had now more than doubled its activity levels since the trough, which he defined as the second quarter of this year.
Precision Drilling rehires 1,000 people as oilfield activity improves
“We’re encouraged by the significant improvement in sentiment of our customers and the resulting increase in activity and market share that we’ve achieved,” Neveu said.
Calgary-based Precision said it would hike prices for its its larger, deeper-reaching rigs – called “super triples” – as demand is increasing.
Oilfield activity has slowed dramatically and tens of thousands of people have lost their jobs in Alberta since crude prices began their dramatic fall more than two years ago, with very few signs of a rebound. But Neveu said Precision had now more than doubled its activity levels since the trough, which he defined as the second quarter of this year.
Precision Drilling rehires 1,000 people as oilfield activity improves