Calgary-based Precision Drilling Corp. has reported minor disruptions to its Middle East drilling operations due to ongoing regional tensions, but the company expects its rigs to remain active for the remainder of the year and beyond.
Operational Status in the Middle East
Precision Drilling currently operates seven rigs in the region, with four in Kuwait and three in Saudi Arabia. These rigs are under five-year contracts that extend into 2027 and 2028. The company is also exploring opportunities to activate two additional rigs currently idle.
CEO Carey Ford stated in a news release, 'Despite minor activity disruptions and increased costs, our crews in the Middle East continue to operate safely and deliver excellent results.'
Financial Performance
In its latest quarterly results, Precision Drilling reported revenues of $526 million for the first months of 2026, a six percent increase compared to the same period in 2025. The growth is attributed to heightened activity on both sides of the Canada-U.S. border.
'In North America, Precision delivered activity growth in both Canada and the U.S., despite lower industry activity levels year over year,' Ford added. U.S. revenues increased by $24 million, while Canadian revenues rose by $13 million.
Canadian and U.S. Operations
In Canada, Precision's active rig count averaged 79, up from 74 in the first quarter of 2025, outperforming the broader industry which saw declines. In the U.S., despite a seven percent drop in overall rig activity, Precision averaged 37 active rigs, up from 30 the previous year.
The company continues to monitor the situation in the Middle East closely and remains committed to safe operations. More details are expected as the situation evolves.
