RE:RE:RE:RJ comments on PD: Drilling Rig Market in Canada is Sold Out From Precision Drilling (PD) June'24 investor presentation, it calls its Canadian fundamentals the strongest in a decade. From the Precision Drilling Q1’24 quarterly report, the outlook for North America energy is positive as global demand continues to rise, while geopolitical issues continue to threaten supply. In Canada, the imminent start-up of the Trans Mountain pipeline expansion, followed by LNG Canada, will provide significant tidewater access for both Canadian crude and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 12 bcf/d of export capacity over the next three years, supporting additional U.S. natural gas drilling activity.
Our Canadian fleet is in high demand and we expect customer demand for our Super Triple and Super Single pad capable fleets to exceed supply into 2025 with increased take away capacity.
Therefore, PD customers have fully booked their Canadian drilling rigs to take advantage of the large tidewater access increase for oil and gas now and in the future. This bodes extremely well for Akita being close to fully booked in Canada from August'24 to well into 2025.