Precision Drilling
525-8th Ave SW, Suite 800, Calgary, Alberta, T2P 1G1, Canada
Overview
Precision Drilling Corporation is Canada's largest oilfield services company and one of the largest in the United States. Precision also has a growing presence internationally. Precision provides contract drilling, well servicing and strategic support services to customers. Precision supplies on-the-ground expertise - people, equipment and knowledge - to provide value to our customers on a daily basis.
- Total investments
- 1
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 3
Sector focus
- Energy
- Machinery Manufacturing
- Oil and Gas
Investment portfolio
- XtremeX Mining Technology
Participated · Series A · Jan 2025
XtremeX Mining Technology (XMT) develops a patented hybrid AC-electric automated coiled-tubing and electric top-drive diamond-core drilling rig that adapts oil-and-gas technology for the mining sector. The rig is built to perform diamond core, rotary, and coiled-tubing drilling while delivering faster, safer, and more sustainable operations with improved drilling speed, core recovery and high-fidelity drill chips. XMT will use its $11M Series-A financing, led by GoGreen Partners, to build and field-deploy its first hybrid rig. The initial deployment is a funded field trial with Ivanhoe Electric at the Santa Cruz copper project in Arizona, targeting depths up to 2,000 meters by twinning historic holes. Under the trial agreement, Ivanhoe Electric secures exclusivity on up to three XMT rigs for contracts lasting up to five years. GoGreen has assembled a consortium to support manufacture and launch that includes Precision Drilling, preferred supplier Baker Hughes and the Mines Venture Fund 1, LP. The XMT team cites an earlier prototype and roughly 28 years of experience developing coiled-tubing drilling systems as the basis for the hybrid platform.