Precision Drilling Bags Kuwait Contract Award

Precision Drilling Corp. said July 9 it has been awarded one newbuild ST-3000 drilling rig in Kuwait under a five year take-or-pay contract with an optional one year extension.

Precision has five active rigs in Kuwait on long term contract and expects the sixth rig to commence operations in the third-quarter of 2019. All six rigs have standardized rig design features and specifications delivered within the last five years. In line with prior newbuilds, the rig has attractive internal return metrics and a payback period within the initial contract term.