Precision Drilling Corporation Announces Strategic Technology and Service Agreement & Marketing Alliance With Schlumberger

Precision Drilling Corporation Announces Strategic Technology and Service 
Agreement & Marketing Alliance With Schlumberger 
FOR: Precision Drilling Corporation 
JULY 16, 2014 
Precision Drilling Corporation Announces Strategic Technology and Service
Agreement & Marketing Alliance With Schlumberger 
CALGARY, ALBERTA--(Marketwired - July 16, 2014) - Precision Drilling
Corporation (TSX:PD)(NYSE:PDS) ("Precision") announced today that to
further its High Performance, High Value strategy it had entered into a
strategic technology and service agreement and marketing alliance with
Schlumberger, the world's leading provider of oilfield services. The
agreement aims to increase the industrialization of unconventional drilling in
North America through an engineered approach that utilizes Precision's
Tier 1 drilling rigs and allows Precision access to Schlumberger's
bottomhole assembly and services. The agreement applies to Canada and the Lower
48 states in the U.S. and includes contract drilling services, downhole
drilling and measurement technology, engineering expertise and operational
Through this agreement, Precision will continue to expand its integrated
directional drilling services utilizing Schlumberger's downhole tools and
related services supported by drilling engineering and modeling, component
integration, industry leading subsurface knowledge and expertise, and
high-quality measurements.  
Alliance Customer Benefits 
The agreement between Precision and Schlumberger will provide customers with
benefits by leveraging core respective strengths of each organization to
provide superior service to North American oil and gas customers. Customers
will benefit through access to a leading Tier 1 contract driller with the
broadest geographic footprint of any driller in North America combined with
best-in-class technology portfolio that encompasses a proven understanding of
downhole conditions and overall system performance. The relationship targets
improved drilling performance, efficiency, consistency and reduced cost of
Precision brings the following to the alliance: 
--  High Performance North American fleet of 320 drilling rigs including 204 
highly efficient, highly mobile Tier 1 rigs; 
--  Approximately 90 percent of Precision's North American activity involves 
horizontal or directional wells; 
--  Broad customer base with the leading market position in Canada and a 
significant presence in the U.S. in all the major unconventional basins;
--  Highly skilled and experienced workforce supported by robust personnel 
recruiting, training and development systems; 
--  State of the art drilling industry Tech Centers in Houston, Texas and 
Nisku, Alberta that support training and development functions as well 
as core repair and maintenance support for drilling operations. Broad 
regional repair and maintenance support provided by additional 
facilities in Canada including Calgary, Grand Prairie and Nisku; and in 
the U.S. including Alice, Cresson, Eunice, Grand Junction, Houston, 
Midland, Williamsport and Williston; and 
--  Excellent reputation for safety and field performance. 
Schlumberger offers to Precision the following: 
--  Drilling Group technologies with leadership in rotary steerable systems; 
drilling tools; measurement- and logging-while-drilling (MLWD); surface 
logging; drill bits; and drilling fluids technologies; 
--  Well planning and well engineering with reservoir expertise to deal 
effectively with the range of technical challenges in North America's 
resource plays; 
--  Best-in-class equipment management and maintenance services; 
--  Training in drilling technologies and operational processes; and 
--  Excellent reputation for safety and field performance. 
Quote from Precision's CEO 
Kevin Neveu, Precision's President and Chief Executive Officer, commented
on today's announcement: "Today's alliance between Precision and
Schlumberger meaningfully advances our integrated directional drilling service
offering and enables us to compete with the complete range of downhole tool
technology creating a value proposition for customers that will be difficult to
ignore. The contract drilling leadership of Precision combined with the
downhole technology expertise of Schlumberger, will streamline the drilling
process, reduce costs and improve results." 
Cautionary Statement Regarding Forward-Looking Information and Statements 
Certain statements contained in this release, including statements that contain
words such as "aims to", "will", "enables",
"advances" and similar expressions and statements relating to matters
that are not historical facts constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking information
and statements"). 
In particular, forward looking information and statements include, but are not
limited to, the following:  
--  the increased industrialization of unconventional drilling in North 
--  the continued expansion of our integrated directional drilling services; 
--  our expectations regarding benefits to customers and improved drilling 
These forward-looking information and statements are based on certain
assumptions and analysis made by Precision in light of our experience and our
perception of historical trends, current conditions and expected future
developments as well as other factors we believe are appropriate in the
circumstances. These include, among other things demand in Canada and the U.S.
for directional drilling and Tier 1 drilling services and the ability of this
alliance to deliver an integrated service offering. 
Whether actual results, performance or achievements will conform to our
expectations and predictions is subject to a number of known and unknown risks
and uncertainties which could cause actual results to differ materially from
our expectations. Such risks and uncertainties include, but are not limited to
volatility in the price and demand for oil and natural gas and fluctuations in
demand for our services, the existence of competitive operating risks inherent
in our businesses, and other unforeseen conditions which could impact the use
of services supplied by Precision and Precision's ability to respond to
such conditions. 
Consequently, all of the forward-looking information and statements made in
this release are qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by Precision will
be realized or, even if substantially realized, that they will have the
expected consequences to, or effects on, Precision or its business or
operations. Readers are therefore cautioned not to place undue reliance on such
forward-looking information and statements. Except as may be required by law,
Precision assumes no obligation to update publicly any such forward-looking
information and statements, whether as a result of new information, future
events or otherwise. 
About Precision 
Precision is a leading provider of safe and High Performance, High Value
services to the oil and gas industry. Precision provides customers with access
to an extensive fleet of contract drilling rigs, directional drilling services,
well service and snubbing rigs, coil tubing services, camps, rental equipment,
and wastewater treatment units backed by a comprehensive mix of technical
support services and skilled, experienced personnel. 
Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on
the Toronto Stock Exchange under the trading symbol "PD" and on the
New York Stock Exchange under the trading symbol "PDS". 
Precision Drilling Corporation
Carey Ford
Vice President, Finance and Investor Relations
800, 525 - 8th Avenue S.W.
Calgary, Alberta, Canada  T2P 1G1 
INDUSTRY:  Energy and Utilities - Equipment, Energy and Utilities - Oil and Gas 
-0- Jul/16/2014 10:00 GMT
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