Precision Drilling moves to cut costs and capital spending plan

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CALGARY — Precision Drilling Corp. says it is reducing staff, cutting salaries and lowering its capital spending plan in response to the COVID-19 pandemic and current market conditions.

The company did not immediately say how many jobs it was cutting as part of the plan.

The cuts come as Precision lowers its 2020 capital spending plan to $48 million, compared with earlier expectations for $95 million, and warns that further changes may be considered as the year progresses.

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The company also expects to reduce its fixed costs by over 30 per cent on an annualized basis.

The oilfield services company is reducing its chief executive salary by 20 per cent, while other executive officer salaries are being cut by 10 per cent. Board of director compensation is being reduced by 20 per cent.

It is also implementing staff salary reductions and eliminating all non-essential travel, entertaining and other discretionary spending.

This report by The Canadian Press was first published March 24, 2020.

Companies in this story: (TSX:PD)

The Canadian Press

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