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Precision Drilling Off Nearly 3% After Getting Hit with $120 Million Charge

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Precision Drilling Corp. (PD.TO) started the day lower at $11.55 but has now further dropped to $11.41, about 3% lower compared to yesterday's $11.74 close, after reportedly announcing that it will take a charge of up to $120 million in the fourth quarter on the decommissioning of some of its rigs.

According to the Globe and Mail report, the contract driller is taking 36 drilling rigs and 13 service rigs out of operation in the three month period, with new rig deliveries expected by the end of this year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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