PRECISION DRILLING CORP. $8.42 - Toronto symbol PD

PRECISION DRILLING CORP. $8.42(Toronto symbol PD; Aggressive Growth Portfolio, Resource sector; Shares outstanding:276.3 million; Market cap: $2.3 billion; Price-to-sales ratio: 1.1;Dividend yield: 2.4%; TSI Network Rating: Extra Risk;www.precisiondrilling.com) has agreed to build and operate two drilling rigs for Kuwait’s state-owned oil company. The company did not say how much this contract is worth, but the rigs will start up in2014 and run for a five-year term.

This is a small order for Precision, which operates over 325 rigs. Still, this deal will help expand its international operations, which supply just 5% of its total revenue. It should also help Precision win more contracts in the Persian Gulf region.

Precision Drilling is a buy.

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