Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesEnergyOil & GasCalgary oil driller says its rigs are in demand — up 20% — as strong prices fuel activityThe oil services company's revenue increased by 11% to $452.8 million for the quarter that ended on June 30Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Precision Drilling Corp. oil rig operators install a bit guide on the floor of a Royal Dutch Shell PLC oil rig near Mentone, Texas, U.S. Photo by Matthew Busch/Bloomberg filesCalgary-based Precision Drilling Corp. posted higher second-quarter revenue as rising oil prices fuelled a spike in drilling activity in Canada, but its international division struggled with challenges during conflict in the Middle East.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe oil services company’s revenue increased by 11 per cent to $452.8 million for the quarter that ended on June 30. In Canada, drilling activity increased 22 per cent compared to a year earlier with an average of 61 active rigs. The rise outpaced the 16 per cent average increase in the sector, the company said in a press release on Tuesday.“Improving producer economics and expanded market access continue to support an attractive Canadian drilling environment, most notably in the condensate and heavy oil basins,” Precision’s chief executive Carey Ford said in a statement. “We expect activity during the second half of the year to remain above prior year levels.”The ongoing conflict between the United States and Iran led to increased demand for energy and higher oil prices during the spring quarter, amid concerns over attacks on infrastructure and transportation routes vital to the global oil market.The war has affected Precision’s business in two completely different ways. With North American oil averaging above US$90 a barrel in the second quarter, the company’s rigs were in demand in Canada and the United States, where it had 35 active rigs, up slightly from 33.But Precision’s international business, consisting of rigs in Saudi Arabia and Kuwait, reported lower revenues and margins, in part because of the challenges of drilling during an ongoing conflict.“Internationally, our teams continue to execute safely and reliably despite geopolitical uncertainty in the region,” said Ford. “During the quarter, we secured an additional five-year contract for an existing Kuwait rig … With this new contract, we expect our international rig count to increase from seven to eight during mid-2027.”Precision posted a net loss of about $1 million during the quarter, compared to a profit of $16 million last year. This was primarily because of a depreciation expense of $11 million.Looking ahead Ford remains optimistic for the rest of the year and expects the demand for drilling rigs to be high. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.