Calgary based Precision Drilling (NYSE:PDS) is Canada's leading oilfield services firm which provides contract drilling, well servicing and strategic support services to its customers. The company was formed as a private drilling contractor in the early 1950s and has grown on the back of fleet expansion and acquisitions, most notably, the $2 billion acquisition of Grey Wolf Inc in 2008. The business owns a large fleet of horizontally capable drilling rigs.
Earlier in December, the Alberta Investment Management (NYSEMKT:AIM) Company, which owned 56 million shares of Precision Drilling, sold its entire stake in the Canadian driller in an overnight transaction. This came after the company announced disappointing quarterly results in late November. As a result, Precision...
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