Contract drilling rig and services provider Precision Drilling Corporation (ticker: PDS) reported its active rigs have increased by 16% compared to end of Q3 2017, the company said in an update.
Precision currently has 64 rigs active in the U.S., compared with 55 at the time of its third quarter conference call. In Canada, the company reached near peak activity in 2017 with 89 active rigs. Additionally, since the end of Q3 2017, Precision has signed 13 term contracts.
The company anticipates 2017 capital spending to be slightly below its $104 million capital plan, with the difference expected to be spent in 2018. Precision continues to have 20 rigs running with NOVOS and the company has drilled over 135 wells utilizing process automation control technology.
