On Wednesday, Precision Drilling Trust
In a market just described by competitor Nabors Industries
Precision talked about the current financial period being a bottoming quarter. Even if the firm proves optimistic on the home front, there are many interesting things happening outside Canada.
I've noted Precision's southern sojourn, in which the firm targeted 12 rigs operating in the U.S. by the end of 2007. That program is going smashingly well, with strong contracts in place and near-100% utilization. The company's fifteenth rig will be coming to America this month, and that's just one out of a possible eight transplants for the second quarter. One rig is working on the Marcellus shale -- beloved to Chesapeake Energy
That's not the only shale play that will demand Precision's quality high-efficiency rigs. Back at home, the Montney formation is just starting to turn heads, and EnCana
Precision's technological leadership helped spur Weatherford International
Some analysts bemoan this fact, believing that Precision has a poor shot at gaining pole position. But given the firm's financial strength and its leader's background at equipment emporium National Oilwell Varco
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