UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For September 17, 2003
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1)._______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECISION DRILLING CORPORATION
Per: /s/ Bob German
---------------------------------------
Bob German
Vice President & Chief Accounting Officer
Date: September 17, 2003
PRECISION DRILLING ANNOUNCES COMMERCIALIZATION OF THE
REVOLUTION(TM) ROTARY STEERABLE SYSTEM
CALGARY, Alberta, Canada (September 17, 2003) - Precision Drilling Corporation
("Precision"), today announced it has successfully completed field trials of the
Revolution(TM) rotary steerable system and is now running the service
commercially.
The Revolution system has been used around the globe, including Canada, Mexico,
onshore Europe and Southeast Asia. Recently the Revolution system was run
successfully with the full PrecisionLWD(TM) triple-combo logging system, marking
the first time that these technologies from Precision have been combined in one
drilling project.
"This is a significant milestone in our research and development efforts", said
John King, Senior Vice President of Precision's Technology Services. "We are
extremely pleased with the success of the Revolution system, particularly the
steady increase in performance and reliability throughout the field trial stage.
Customer feedback on the Revolution system has been positive and as a result,
new demand is exceeding our expectations."
The 4 3/4-in. Revolution system, designed and manufactured at Precision's
research and engineering facility in the United Kingdom, is the industry's first
slimhole point-the-bit rotary steerable system. Rotary steerable technology
allows drillers to accurately control well trajectory while rotating the
drillstring. The result is higher average penetration rates, smoother wellbores
and fewer doglegs than in wells drilled with conventional drilling motors.
Point-the-bit technology employs a near-bit stabilizer to orient the drill bit
axis with the axis of the wellbore. Directional changes are accomplished by
offsetting a center shaft in the Revolution system opposite intended well
direction. This allows the face of the drill bit to cut while steering,
resulting in a high-quality wellbore that can extend well reach, improve log
quality and increase production potential.
Precision Drilling Corporation, headquartered in Calgary, Alberta, Canada, is
the largest Canadian integrated oilfield and industrial services contractor and
a global provider of products and services to the energy industry. Precision
Drilling Corporation is listed on The Toronto Stock Exchange under the trading
symbol "PD" and on the New York Stock Exchange under the trading symbol "PDS".
This news release includes forward-looking statements including statements
relating to the performance and reliability of the Revolution system, that are
based upon current expectations that involve a number of business risks and
uncertainties, which may cause actual results to be materially different from
any future results expressed or implied by such forward-looking statements. Such
factors include, but are not limited to, reliance on our ability to use the
technology within the rotary steerable system and other factors, which are
described in further detail in the Corporation's filings with the Securities and
Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT DALE E. TREMBLAY, SENIOR VICE PRESIDENT
FINANCE AND CHIEF FINANCIAL OFFICER, 4200, 150 - 6TH AVENUE S.W., CALGARY,
ALBERTA T2P 3Y7, TELEPHONE 403-716-4500; FAX 403-264-0251; WEBSITE:
WWW.PRECISIONDRILLING.COM.