Precision Drilling Gets TSX Okay to Launch Buy Back for 10% of Public Float

Dow Jones

2024-09-13

By Adriano Marchese

Precision Drilling said Friday that it plans to launch a share repurchase program to buy back about 10% of its common shares over the course of the next year.

The Canadian oil and gas drilling rig company said the Toronto Stock Exchanged approved its normal course issuer bid to buy back up to 1.4 million shares for cancellation.

At Thursday's closing price, the value of the shares intended for buyback would be worth about C$117.1 million ($86.2 million).

The company's stock has advanced strongly in the year, closing on Thursday nearly 20% higher than at the start of the year to close at C$86.18.

Precision Drilling can begin buying back shares on Sept. 19.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 13, 2024 06:20 ET (10:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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