1|

PRECISION DRILLING CORPORATIONJuly 2019

*Rig 576, Loving County TX, Permian Basin TSX: PD NYSE: PDSTSX: PD NYSE: PDS

2| 2|

Forward-looking Statements

Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate","estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statementsrelating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadiansecurities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States PrivateSecurities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward looking information and statements include, but are not limited to, the following: our strategic priorities for 2019;our capital expenditure plans for 2019; anticipated activity levels in 2019 and our scheduled infrastructure projects; anticipated demandfor Tier 1 rigs; the average number of term contracts in place for 2019 and 2020; our future debt reduction plans beyond 2018.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of ourexperience and our perception of historical trends, current conditions, expected future developments and other factors we believe areappropriate under the circumstances. These include, among other things: the fluctuation in oil prices may pressure customers intoreducing or limiting their drilling budgets; the status of current negotiations with our customers and vendors; customer focus on safetyperformance; existing term contracts are neither renewed nor terminated prematurely; our ability to deliver rigs to customers on a timelybasis; and the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance orachievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertaintieswhich could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:volatility in the price and demand for oil and natural gas; fluctuations in the demand for contract drilling, well servicing and ancillaryoilfield services; our customers’ inability to obtain adequate credit or financing to support their drilling and production activity; changes indrilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage; shortages,delays and interruptions in the delivery of equipment supplies and other key inputs; the effects of seasonal and weather conditions onoperations and facilities; the availability of qualified personnel and management; a decline in our safety performance which could resultin lower demand for our services; changes in environmental laws and regulations such as increased regulation of hydraulic fracturing orrestrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil andgas; terrorism, social, civil and political unrest in the foreign jurisdictions where we operate; fluctuations in foreign exchange, interestrates and tax rates; and other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability torespond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that couldaffect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities,including but not limited to Precision’s Annual Information Form for the year ended December 31, 2018, which may be accessed onPrecision’s SEDAR profile at www.sedar.com or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information andstatements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except asrequired by law.

3| 3|

Precision’s 2019 Strategic Priorities – Creating Shareholder Value

Maximize financial results by leveraging our High Performance, High Value Super Series Rig fleet and scale with disciplined cost management

Generate strong free cash flow and utilize $100 million to $150 million to reduce debt in 2019.Increased long-term debt reduction targets to $400 million to $600 million by year-end 2021 (inclusive of 2018 debt repayments).

Full scale commercialization and implementation of our Process Automation Control platform, PD-Apps and PD-Analytics

FINANCIAL PERFORMANCE

REDUCE DEBT WITH FREE CASH FLOW

TECHNOLOGY AS A DIFFERENTIATOR

1.

2.

3.

4|

Precision At A Glance

233 Drilling Rigs1:Canada (116)U.S. (104) International (13)

198 Service Rigs:Canada (190)2

U.S. (8)

Complementary Services:Camps & Catering Rentals

U.S. Drilling

Canada Drilling

International

C&P & Directional(North America)

2018 REVENUE BY GEOGRAPHIC REGION

STRONG GLOBAL SCALE

1. Not included in our drilling count are 22 rigs held for sale. International count includes Kuwait new-build with June 2019 delivery date.2. Well Servicing has registered 115 rigs in Cda – 75 rigs were not registered and are not included in our active count. On April 15, 2019 we completed sale of our 12 snubbing units.

▪ 2018 Revenue $1.5 billion

HIGH PERFORMANCE LAND DRILLER

U.S. & INTERNATIONAL OPERATIONS ACCOUNTED FOR ~70% of 2018 DRILLING REVENUE

5| 5|

Precision’s Competitive Positioning

PRECISION SYSTEMS + SCALE

HIGHLY SKILLED RIG CREWS

SUPER SERIES RIGS

6|

Systems & Scale

Supply Chain Management

▪ Cost Savings▪ Vendor Management▪ Centralized Support

Manufacturing + Capital Projects

▪ Engineering▪ Project Management▪ Equipment Manufacturing

Technical Support Centres

▪ Asset Integrity▪ Maintenance Standard▪ In House Repair & Rebuild

IT Infrastructure and ERP

▪ Supports Increased Data Flows▪ Operating Efficiencies▪ Fixed Cost Leverage

DRIVING OPERATIONAL EXCELLENCE AND LOWER COSTS

7| 7|

Recruiting, Training & Retention – Competitive Advantage for Precision

1,200 – 1,400 Screened candidates in the

system

RETENTION FOR GLOBAL DRILLING OPERATIONS WAS 88% IN 2018

Leadership Development

Programs

Career Path Management Structured Promotion Programs

Long-term Compensation Programs

Field Training Investments

Permanent Training Facilities with Fully

Functioning Rigs

Tier 1 Assets

Structured Competency

StandardsWorld-Class Safety

Culture and Processes

213,722Applications processed

2013-2018(35,750 Applications in 2018)

FIELD RECRUITING A CORE FOCUS

TECH CENTERS TRAINED OVER 6,000 PEOPLE IN 2018

8|

Advanced Rig Technology

1500 HP TDS-11 TOP DRIVE

25,000’ + FT RACKING CAPACITY

PROCESS AUTOMATION CONTROL (APPS)*

DRILLING EQUIPMENT CONTROL SYSTEM*

HIGH SPEED DOWNHOLE DATA*

“OMNI-PAD” WALKING SYSTEM

TRANSFER TANK

TWO SPEED DRAWWORKS

DIRECTIONAL GUIDANCE SYSTEM*

(3) 1,600HP 7,500 PSI PUMPS

(4) CAT 3512 GENSETS

INTEGRATED POWER MANAGEMENT SYSTEM

1

1

2 3

4

5

6

7 8

9 11

10

2

3

4

5

6 825,000 LBS HOOKLOAD

7

8

9

10

11 UMBILICALLY CONNECTEDBACKYARD COMPLEX

12

1213

14

13

14

REMOTE OPERATIONS CONTROL CENTER (OPTIMIZATION*)

* Precision Technology Building Blocks

PRECISION SUPER TRIPLE

9| 9|

Precision’s Super Series Investments Driving U.S. Market Share Gains1

>60 NEW BUILDS/ MAJOR UPGRADES IN U.S. MARKET SINCE 2012

CURRENTLY RUNNING 76 RIGS IN THE U.S.

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016 2017 2018 Current

U.S

. Mar

ket

Shar

e

Cu

mu

lati

ve N

ew

Bu

ilds/

Maj

or

Up

grad

es

Cumulative New Builds/Major Upgrades Since 2012 U.S. Market Share

1. Annual market shares represent yearly average Precision rig count divided by industry rig count – industry data provided by Baker Hughes; current as of 7/02/2019

10| 10|

Environmental, Social, Governance (ESG) Activities

$661

$65

5.25%

Significantly enhance ESG disclosure included in most recent Information Circular, Annual Report and Annual Information Form

• Annual Incident Rate Down 29%*

• Adopted Diversity & Inclusion Policy*

• 6,000 + Employees Trained at Tech Centers*

• Safety Protocol & Procedures

• Robust Intern Program

• Board of Directors

- 100% Attendance*- Independent- Diversity

• Governance Committees + External Audits

• PD Code of Conduct

• 100% Hotline Issues Resolved*

• 2,500 PD Supported Volunteer Hours*

• Partnerships With STARS, Heritage Park Society, Camp Kindle

• Financial Support for Local Causes

• Youth Scholarship Programs

• 20% of Fleet Natural Gas Burning Lower Carbon Fuel*

• 45 Bi-Fuel Systems in North America*

• Pad-Walking Systems & Technological Efficiencies

• Industry Best Practices on Spill Prevention & Noise Mitigation

PEOPLE ENVIRONMENTCOMMUNITYGOVERNANCE

* Reported 2018 year-end stat from Management Circular. Precision continues to deliver on strong environmental, social and governance initiatives.

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2019 STRATEGIC PRIORITY #1

REDUCE DEBT WITH FREE CASH FLOW

Generate strong free cash flow and utilize $100 million to $150 million to reduce debt in 2019

UPDATE

▪ On June 4th announced 2019 debt reduction at $125 million year to date

▪ Over $750 million of liquidity from cash and undrawn revolver

▪ Improved net debt to EBITDA & interest coverage

12| 12|

Precision’s Balance Sheet Management

1. 2015 total includes the 2019 maturity C$200 million senior notes converted at the exchange rate as of Dec 31, 2014. Estimated debt reduction assumes $150 million annually at FX 1.35. 2. Recently completed & announced 2019 redemptions/open market purchases totaling US$93M or C$125 million YTD.3. 2019E & 2020E comprised of analyst EBITDA estimate from Nasdaq consensus as at July 8, 2019. Estimated debt reduction assumes $150 million annually.

STRONGER INTEREST COVERAGE3

DEBT REDUCTION PROGRESS1

$661

$65

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2015 2016 2017 2018 2019E 2020E 2021E

Lon

g-te

rm D

ebt

US$

Bn

s

5.25%

7.125%

6.5%

NET DEBT TO EBITDA IMPROVING3

~US$421 MILLION DEBT REDUCTION PROGRESS2

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

2016 2017 2018 03/31/19TTM

2019E 2020E0.0x

2.0x

4.0x

6.0x

8.0x

2016 2017 2018 03/31/19TTM

2019E 2020E

TARGET 2.0x

13| 13|

Free Cash Flow Generation

1. Count excludes rigs held for sale.2. Calculation: Cash from Operations less CapEx. 2011 to 2015 saw extensive investment in U.S. and Middle East fleet. Slight Y/Y decrease in 2019 FCF due to deployment of new build rig in

Kuwait mid-year. 2019 and 2020 estimate from Nasdaq consensus as of July 08, 2019.

$661

$65

5.25%7.125%

FREE CASH FLOW TRANSITION2

▪ Super Series investment enabled free cash flow harvesting

▪ Strong free cash flow outlook for next several years

SUPER SERIES RIGS ADDED1

(300)

$0

$300

2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E

FCF

(MIL

LIO

NS)

2011–2016: CRITICAL INVESTMENT PERIOD

2017-FORWARD: CASH HARVEST PERIOD

Canada

U.S.

Int’l

119

176189

208224 228

229 231 233

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9

114 SUPER SERIES RIGS ADDED

14|

2019 Capital Plan

TOTAL:

$94M

$116M EXPANSION & UPGRADES▪ Kuwait new build rig ~$68 million

▪ One ST 1500 SCR to AC conversion

▪ New-build ST 1500 delivered in Q1

▪ Further expansion of PAC platform$53M

MAINTENANCE, INFRASTRUCTURE &

INTANGIBLES

▪ Maintenance spend highly correlated

to activity levels $169MKuwait Rig

906

15|

2019 STRATEGIC PRIORITY #2

FINANCIAL PERFORMANCE

Maximize financial results by leveraging High Performance, High Value Super Series Rig fleet and scale with disciplined cost management

Q1 2019 UPDATE

▪ Record level U.S. market share at 8.2% driven by Super Series fleet

▪ Expanding scale in Middle East with Kuwait new-build

▪ Strong free cash flow in Canada

▪ Dayrate improvement continues in U.S. & Canada

16| 16|

Sequentially Strong Financial Performance

EBITDAREVENUE

$1,003

$1,321

$1,541

2016 2017 2018

REV

ENU

E (M

ILLI

ON

S)

$228

$305

$375

2016 2017 2018

EBIT

DA

(M

ILLI

ON

S)

ACTIVITY

26,851

42,282

48,251

2016 2017 2018

DR

ILLI

NG

DA

YS

Int'l Drilling U.S. Drilling Canada Drilling

GEOGRAPHIC DIVERSIFICATION BENEFITS

LEADING-EDGE SUPER SERIES DAYRATES

STRICT COST DISCIPLINE & BENEFITS OF SCALE

17| 17|

Revenue and Cash Flow Visibility and Stability

TOP 50 CUSTOMERS1

PUBLIC

64%

CONTRACT BOOK2

CUSTOMER BASE

1. Includes Canada, U.S. and International operations based on revenue (2018) – Top 50 rankings.2. Contract book as of 04/24/2019.

PRIVATE

32%

NATIONALOIL COMPANIES

4%

7 6

29

42

7

9

2019 Avg. 12/31/2018

2019 Avg. 03/31/2019

43

CanadaInternational US

57

PREDICTABLE CASH FLOWS - ADDED 22 CONTRACTS TO DATE IN 2019

HIGH-EFFICIENCY DEVELPMENT DRILLING FOR PUBLIC, LARGE PRIVATE AND NATIONAL OIL COMPANIES

18|

United States

▪ Diversified across Lower 48, active in all unconventional plays

▪ Pricing power on Super Series rigs

▪ Dayrates and margins continue to improve

▪ Low cost rig upgrades backed by contracted cash flow

▪ Technology (PAC, DGS, Apps) driving further growth

1. Annual market shares represent yearly average Precision rig count divided by industry rig count – industry data provided by Baker Hughes; current as of 7/02/2019* Dots on map representative of areas where Precision has had operations since 2015

COMPLETE GEOGRAPHICAL COVERAGE

TOTAL REACH

FREE CASH FLOW, MARKET SHARE GROWTH

5%

6%

7%

8%

2014 2015 2016 2017 2018 Current

U.S. Market Share1

19|

Canada

$156

$252

$269

$321

STRONG FREE CASH FLOW, SCALE & MARKET SHARE

1) Cash flow calculated using reported daily margins multiplied by drilling utilization days plus C&P EBITDA, less Canadian maintenance capital expenditure.2) Based on well count provided by industry sources and internal analysis (2017 average).* Dots on map representative of areas where Precision has had operations since 2015

MARKET POSITION

25% Market ShareTypically operate 25% of rigs in market

30% DuvernayLEADING MARKET SHARE2

33% Heavy OilLEADING MARKET SHARE2

26% MontneyLEADING MARKET SHARE2

▪ Generated $1.8 billion in free cash flow since 20101

▪ Virtually no upgrade capital spending planned in 2019

▪ Scale drives operational and cost efficiencies

20|

International

ESTABLISHED SCALE, STABLE CASH FLOW

▪ Additional Kuwait newbuild award (late Q2/19 deployment)

▪ Ability to leverage fixed costs with additional deployments

▪ Targeting IOC’s and NOC’s that value Safety and Performance

9 RIGSUNDER CONTRACT

7 NEWBUILD RIGSDEPLOYED SINCE 2014

13 TOTAL RIGSIN MIDDLE EAST (INCLUDES KUWAIT NEW BUILD)

Kuwait Rig 905

21|

Completion & Production

Largest service rig provider in the WCSB and

established presence in the U.S.

Well positioned for free cash flow – 25% Y/Y

increase in total C&P EBITDA in 2018

Precision Well Service Facility, Red Deer, Alberta

$(10.0)

$-

$10.0

$20.0

$30.0

2015 2016 2017 2018 TTM03/31/2019

C&P EBITDA (millions)

IMPROVING CASH FLOW

Precision Camps & Catering Precision Rentals

22|

2019 STRATEGIC PRIORITY #3

COMMERCIALIZE RIG AUTOMATION

Full scale commercialization and implementation of our Process Automation Control platform, PD-Apps and PD-Analytics

Q1 2019 UPDATE

▪ Drilled 200 wells with PAC in Q1 -increase of 46% from prior year

▪ 15 Apps in field hardening phase

▪ Commercializing 3 Apps

23| 23|

Precision’s Technology Strategy

COST EFFICIENCIES

OPERATIONAL KPIS

DIGITALENABLEMENT

PREMIUM PRICING

BEST IN CLASS WELLS

MARKET SHARE GAIN

$

$

8947389

5647389

1

0

1

099

12

01

0

01

12

SAP

NOVOS

24|

41% Overall Time SavingsPER CONNECTION

Process Automation Control

Experienced Driller

Min

ute

sProcess Automation Control

Min

ute

s

Precision data from Rig 601 field trials

CONSISTENT PREDICTABLE REPEATABLE

25| 25|

Technology Commercialization – Revenue Potential

REVENUE IMPACT

Each technology is a service sold to customers as bolt on to

our existing rigs

FLEET PULL THROUGH

Pull through on existing rigs and directional drilling service

TECHNOLOGY DAILY EBITDA IMPACT ESTIMATE AVAILABLE FLEET EST. % OF ACTIVE RIGS (2020)

PAC $1,500 100+ rigs 80%-100%

Apps (includes DGS) $250-$1,000 100+ rigs 80%-100%

FIXED DAILY CHARGE INCREASED UTILIZATION & DAYRATE

REINFORCED COMPETITIVE ADVANTAGE

New technologies will strengthen competitive

advantage and provide a platform for future technology

revenue streams

MARKET SHARE

1) Assumes 1-4 Apps per rig, includes DGS as an App ($1,000 per day)

26| 26|

Creating Shareholder Value

GENERATING STRONG FREE CASH FLOW FROM LONG-LIFE ASSETS

DIGITAL TECHNOLOGY LEADERSHIP AS A DIFFERENTIATOR

HIGHER EQUITY VALUATION THROUGH CASH FLOW DELEVERAGING

27| 27|

Appendix

28| 28|

Precision’s 2018 Strategic Priorities

Consolidated utilization days increased 14% year-over-year.

U.S. Drilling margins up 25%, Canadian Drilling margins up 4% and International Drilling margins remained stable.

Achieved highest market share on record in the U.S. of over 7.5%.

Generated $310 million in funds provided by representing a 69% increase year-over-year.

Precision’s 2018 debt repayments totaled $174 million face value, $49 million higher than the top end of Precision’s target 2018 debt repayment range.

In conjunction with debt repayments, Precision grew its cash balance by $32 million throughout the year.

Total of 31 PAC systems deployed in the field at year-end, training rigs in Nisku and Houston with PAC technology.

Drilled 365 wells in 2018 utilizing PAC technology and drilled 119 wells utilizing its directional guidance system, over half ofwhich were drilled without any directional drillers on location.

By year-end, had 15 drilling performance Apps under development with several Apps in field trials.

Completed ERP system upgrade to position the organization to better handle increased data flows.

FINANCIAL PERFORMANCE

REDUCE DEBT WITH FREE CASH FLOW

TECHNOLOGY AS A DIFFERENTIATOR

29|

0

100

200

300

400

500

600

700

800

Jan

uar

y

Feb

ruar

y

Mar

ch

Ap

ril

May

Jun

e

July

Au

gust

Sep

tem

be

r

Oct

ob

er

No

vem

be

r

De

cem

ber

2012-2017 Range

2014

2016

2017

2018

2019

Historical North American Drilling Activity

Source: Baker Hughes land rig count as of 7/3/2019

1282016 Average

Active Rigs

3782014 Average

Active Rigs

2052017 Average

Active Rigs

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,0001,804

2014 Average Active Rigs

8562017 Average

Active Rigs

9432015 Average

Active Rigs

4862016 Average

Active Rigs

1,0132018 Average

Active Rigs191

2018 Average Active Rigs

30| 30|

Precision’s Balance Sheet Management

1. Includes recently completed & announced 2019 redemptions/open market purchases totaling US$93M or C$125 million YTD.

NO MATURITIES UNTIL DECEMBER 2021

SENIOR DEBT MATURITY PROFILE1

$661

$65

(in $ millions)

US$116

US$350US$334

US$374

202520212019 20242020 2022 2023 2026

5.25%7.75%

6.5%

7.125%

▪ 6.5% Senior Notes due December 15, 2021

▪ 7.75% Senior Notes due December 15, 2023

▪ 5.25% Senior Notes due November 15, 2024

▪ 7.125% Senior Notes due January 15, 2026

31| 31|

U.S. Market Share Transition

1. Top 5 Drillers Includes H&P, Patterson, Nabors, Precision, & Ensign. Acquired companies only included in count post transaction. Individual peer activity provided by RigData. Industry total averages provided by Baker Hughes.

42% 42%46%

52%

57%

64%

58% 58%

54%

48%

43%

36%

20%

40%

60%

80%

2014 2015 2016 2017 2018 2019 YTD

U.S

. MA

RK

ET S

HA

RE

Top 5 Drillers Other Drillers

CUSTOMER DEMAND FOR HIGH-EFFICIENCY RIGS

32| 32|

Cash Flow Generation

CASH FLEXIBILITYRETAINED EBITDA AFTER CAPEX & INTEREST1

23%

32%

-12%

23%

-20%

-10%

0%

10%

20%

30%

40%

2017 2018

PD LEADING PEER GROUP AVG

▪ Flexibility to reduce debt and target attractive investments

1. Peer average comprised of H&P, Patterson, Nabors & Ensign – data provided from Nasdaq.

33| 33|

Current State – Wide Dispersion of Well Results

▪ Currently wide ranging days to drill

▪ Automation tightens the range and reduces overall drill times

▪ For PD – strong utilization, incremental revenue and competitive advantage