PRECISION DRILLING ANNOUNCES COVID-19 RESPONSE, REDUCTIONS IN CAPITAL EXPENDITURE PLAN AND FIXED COSTS, AND UPDATES ITS LIQUIDITY POSITION AND STRATEGIC PRIORITIES - Seite 3

Demonstrate operational excellence in all aspects of our business including operational, financial and ESG (environmental, social and governance) metrics.

Precision believes its comprehensive actions to mitigate the health risks to our employees and our communities while supporting and sustaining our business operations is in full alignment with our operational excellence strategic priority.

Leverage our Alpha technology platform as a competitive differentiator and source of financial returns for Precision.

Precision will continue to focus on optimization and customer interface with our technology offerings during 2020. We will continue to pursue further customer traction with our AlphaAutomation and AlphaApps; however, will temporarily scale back our previously disclosed plans to roll out an additional 24 AlphaAutomation systems during the year.

Regarding the above announcements, Precision’s CEO, Kevin Neveu stated: “Precision extends our thoughts to those affected by the COVID-19 pandemic and we remain committed to doing our part to minimize the spread of this very serious virus. Our top priority is the well-being of our people and local communities and we have taken comprehensive proactive measures to make sure that their health and safety is not compromised while we continue to provide our High Performance, High Value service to our customers.”

“Financially, the progress we have achieved over the last three years to generate free cash flow, prioritize aggressive debt reduction, manage debt maturities and preserve cash liquidity through stringent cost management and responsible capital deployment, leaves Precision well positioned to navigate this challenging environment. Our reaffirmed debt reduction targets demonstrate the financial flexibility of the company and we will continue to ensure that our liquidity needs are not compromised. With future drilling activity levels uncertain, the capital spending and fixed cost reductions announced today will continue to support Precision’s strong free cash flow capability and financial flexibility.  We remain actively engaged in managing the business accordingly and will continue to heavily scrutinize all expenditures to further protect the interests of our stakeholders.”