Demand for Rigs Worldwide will Outstrip Precision’s Capacity, Says CEO

Precision Drilling, Canada’s largest oilpatch drilling company, will not have enough rigs to match demand this year as the world’s voracious appetite for energy continues to grow.

Calgary-based Precision will be out of excess capacity soon, chief executive Hank Swartout said, following his company’s annual shareholder meeting Tuesday afternoon. “We have far more bids out than we have drilling rigs,” said Swartout. “We’re not even sure where all these rigs are going to come from when they do finalize, and so we’re trying to hold out internationally for some of the higher prices.”

Swartout said the biggest demand internationally is coming from the Organization of Petroleum Exporting Countries, specifically Saudi Arabia and Kuwait.
CBC News