Precision Drilling would first and foremost like to extend thoughts and prayers to all those affected by the flooding and hurricane in the Houston and Gulf Coast region. The scope and scale of destruction from the storm is staggering and rebuilding for many will mean starting from scratch. To assist with the recovery efforts, Precision has donated $50,000 to the American Red Cross to help residents who have been impacted by Hurricane Harvey. In addition, The company has pledged to match employee donations to organizations involved in supporting relief efforts up to $50,000 resulting in a total potential donation of $150,000 from Precision and its employees.
Precision’s US field operations have not been adversely impacted by the severe weather experienced across the Texas Gulf Coast and currently has 61 rigs running, including 45 rigs in Texas. Business continuity plans are in effect and remote access is enabling us to support field operations within the confines of the current situation across Texas. Precision may experience delays with rig moves but does not anticipate any material financial or operational impacts as a result.