Precision Drilling Expects Capital Spending Of $493 Million In 2015

(RTTNews) - Precision Drilling Corp. (PDS, PD.TO), a provider of drilling rigs, plans capital spending of $493 million in 2015, with a mid-year target of increasing Tier 1 rig count to 238.

Precision, which has 217 Tier 1 drilling rigs at the present time, said in a news release Monday that its capital expenditure plans includes delivery of 16 drilling rigs, following which the company expects a lull in rig-building until commodity prices improve.

In addition, Precision lowered its 2014 capital expenditure target by $23 million to $885 million.

The company also said, in the news release, that it has divested its U.S. coil tubing assets for C$44 million last month.