Precision Drilling returns to profitability as oil and gas sector picks up pace

Increased activity in the North American oil and gas sector helped Calgary-based Precision Drilling Corp. return to profitability during the third quarter of 2022, even as the drilling and service sector as a whole struggles with ongoing labour shortages.

Precision — the largest drilling rig contractor in the country — reported a third-quarter profit of $30.7 million for the three months ended Sept. 30,  compared with a loss of $38 million a year ago, as its revenue gained 69 per cent.