Precision Drilling announced contract award to build two rigs in Kuwait Precision's wholly-owned international subsidiary, Grey Wolf Drilling International, recently contracted two rigs with Kuwait Oil Company for deep drilling operations in Kuwait. The two new 3000 HP rigs are expected to be deployed in 2014 for a firm service period of five years with a possible one year extension period at KOC's option.
Precision Drilling says expects number of rigs to rise through 2015 Says recent oil price slide is "concerning," but doesn't expect a reduction in drilling near term. Says winter drilling season should be strong. Says will deliver around 3 rigs per month over next several quarters. Says "could not be more pleased" with current strategy. Comments from company's Q3 earnings conference call.
Precision Drilling raises Q4 dividend by 17% to 7c per share The board of Precision Drilling has declared a dividend on its common shares of 7c per common share, a 17% increase over the prior quarter. The dividend is payable on November 24, to shareholders of record on November 14.