Precision Drilling (PDS) 40-F 7 Mar 22 2021 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	PDS
Entity Registrant Name	PRECISION DRILLING CORP
Entity Central Index Key	0001013605
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	13,304,425
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Address, Address Line One	800, 525 - 8 Avenue, S.W
Entity Address, City or Town	Calgary
Entity Address, Postal Zip Code	T2P 1G1
Entity Address, State or Province	AB
Entity Address, Country	CA
Local Phone Number	716-4500
Security Exchange Name	NYSE
Title of 12(b) Security	Common Shares
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Entity File Number	001-14534
Entity Incorporation, State or Country Code	A0
Auditor Name	KPMG LLP
Auditor Firm ID	85
Auditor Location	Calgary, Alberta, Canada
Document Registration Statement	false
City Area Code	403
Annual Information Form	true
Audited Annual Financial Statements	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	10350 Richmond Avenue
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Houston
Entity Address, Postal Zip Code	77042
Entity Address, State or Province	TX
Local Phone Number	435-6100
City Area Code	713
Contact Personnel Name	Precision Drilling (US) Corporation

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 40,588	$ 108,772
Accounts receivable	255,740	207,209
Inventory	23,429	26,282
Total current assets	319,757	342,263
Non-current assets:
Deferred tax assets	867	1,098
Property, plant and equipment	2,258,391	2,472,683
Intangibles	23,915	27,666
Right of use assets	51,440	55,168
Investments and other assets	7,382	0
Total non-current assets	2,341,995	2,556,615
Total assets	2,661,752	2,898,878
Current liabilities:
Accounts payable and accrued liabilities	224,123	150,957
Current portion of lease obligation	10,935	11,285
Income tax payable	839	3,702
Current portion of long-term debt	2,223	896
Total current liabilities	238,120	166,840
Non-current liabilities:
Share based compensation	26,728	11,507
Provisions and other	6,513	7,563
Long-term debt	1,106,794	1,236,210
Lease obligation	45,823	48,882
Deferred tax liabilities	12,219	21,236
Total non-current liabilities	1,198,077	1,325,398
Shareholders' equity:
Shareholders' capital	2,281,444	2,285,738
Contributed surplus	76,311	72,915
Deficit	(1,266,980)	(1,089,594)
Accumulated other comprehensive income	134,780	137,581
Total shareholders' equity	1,225,555	1,406,640
Total liabilities and shareholders' equity	$ 2,661,752	$ 2,898,878

Consolidated Statements of Loss

Consolidated Statements of Loss $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021$ / shares	Dec. 31, 2020CAD ($)	Dec. 31, 2020$ / shares
Profit or loss [abstract]
Revenue	$ 986,847		$ 935,753
Expenses:
Operating	698,144		583,420
General and administrative	95,931		70,869
Restructuring	0		18,061
Earnings before income taxes, gain on redemption and repurchase of unsecured senior notes, finance charges, foreign exchange, impairment of goodwill, reversal of impairment of property, plant and equipment, loss on asset decommissioning, gain on asset disposals and depreciation and amortization	192,772		263,403
Depreciation and amortization	282,326		316,322
Gain on asset disposals	(8,516)		(11,931)
Foreign exchange	393		4,542
Finance charges	91,431		107,468
Loss on investments and other assets	400		0
Loss (gain) on redemption and repurchase of unsecured senior notes	9,520		(43,814)
Loss before income taxes	(182,782)		(109,184)
Income taxes:
Current	3,203		5,290
Deferred	(8,599)		5,664
Income taxes	(5,396)		10,954
Net earnings (loss)	$ (177,386)		$ (120,138)
Net loss per share:
Basic | $ / shares		$ (13.32)		$ (8.76)
Diluted | $ / shares		$ (13.32)		$ (8.76)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Net loss	$ (177,386)	$ (120,138)
Unrealized loss on translation of assets and liabilities of operations denominated in foreign currency	(11,256)	(25,925)
Foreign exchange gain on net investment hedge with U.S. denominated debt	8,455	23,853
Tax benefit related to net investment hedge of long-term debt	0	5,398
Comprehensive loss	$ (180,187)	$ (116,812)

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operations:
Net loss	$ (177,386)	$ (120,138)
Adjustments for:
Long-term compensation plans	31,952	17,769
Depreciation and amortization	282,326	316,322
Gain on asset disposals	(8,516)	(11,931)
Foreign exchange	1,733	4,808
Finance charges	91,431	107,468
Other	(972)	(2,392)
Loss (gain) on redemption and repurchase of unsecured senior notes	9,520	(43,814)
Income taxes paid	(5,999)	(6,468)
Income taxes recovered	48	1,385
Income taxes	(5,396)	10,954
Loss on investments and other assets	400	0
Interest paid	(67,258)	(103,851)
Interest received	360	615
Funds provided by operations	152,243	170,727
Changes in non-cash working capital balances	(13,018)	55,391
Cash provided by operations	139,225	226,118
Investments:
Purchase of property, plant and equipment	(75,941)	(61,535)
Purchase of intangibles	0	(57)
Proceeds on sale of property, plant and equipment	13,086	21,094
Purchase of investments and other assets	(3,500)	0
Changes in non-cash working capital balances	9,742	(19)
Cash used in investing activities	(56,613)	(40,517)
Financing:
Issuance of long-term debt	696,341	151,066
Repayment of long-term debt	(824,871)	(278,112)
Repurchase of share capital	(4,294)	(11,317)
Debt amendment fees	(913)	(690)
Debt issue costs	(9,450)	(354)
Lease payments	(6,726)	(6,217)
Cash used in financing activities	(149,913)	(145,624)
Effect of exchange rate changes on cash and cash equivalents	(883)	(5,906)
Increase (decrease) in cash and cash equivalents	(68,184)	34,071
Cash and cash equivalents, beginning of year	108,772	74,701
Cash and cash equivalents, end of year	$ 40,588	$ 108,772

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Total	Shareholders' Capital [Member]	Contributed Surplus [Member]	Accumulated Other Comprehensive Income [Member]	Deficit [Member]
Balance at Dec. 31, 2019	$ 1,527,432	$ 2,296,378	$ 66,255	$ 134,255	$ (969,456)
Net loss	(120,138)				(120,138)
Other comprehensive income (loss)	3,326			3,326
Share-based payment reclassification	(8,331)		(8,331)
Share repurchase	(11,317)	(11,317)
Redemption of non-management directors' DSUs	175	677	(502)
Share based compensation expense	15,493		15,493
Balance at Dec. 31, 2020	1,406,640	2,285,738	72,915	137,581	(1,089,594)
Net loss	(177,386)				(177,386)
Other comprehensive income (loss)	(2,801)			(2,801)
Share-based payment reclassification	(4,757)		(4,757)
Share repurchase	(4,294)	(4,294)
Share based compensation expense	8,153		8,153
Balance at Dec. 31, 2021	$ 1,225,555	$ 2,281,444	$ 76,311	$ 134,780	$ (1,266,980)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2021
Description Of Business [Abstract]
Description of Business	NOTE 1. Precision Drilling Corporation ( Precision Corporation

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2021
Basis Of Preparation [Abstract]
Basis of Preparation	NOTE 2. (a) Statement of Compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS IASB These consolidated financial statements were authorized for issue by the Board of Directors on March 4, 2022. (b) Basis of Measurement The consolidated financial statements have been prepared using the historical cost basis and are presented in thousands of Canadian dollars. (c) Use of Estimates and Judgements The preparation of the consolidated financial statements requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingencies. These estimates and judgements are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The estimation of anticipated future events involves uncertainty and, consequently, the estimates used in preparation of the consolidated financial statements may change as future events unfold, more experience is acquired, or the Corporation’s operating environment changes. The Corporation reviews its estimates and assumptions on an ongoing basis. Adjustments that result from a change in estimate are recorded in the period in which they become known. Significant estimates and judgements used in the preparation of the consolidated financial statements are described in Note 3(d), (e), (f), (h), (i), (k), (q) and (s) and Note 4. Climate-related risks and opportunities may have a future impact on the Corporation and its estimates and judgements, including but not limited to the useful life and residual value of its property, plant and equipment and the measurement of projected cash flows when identifying impairment triggers, performing tests for impairment or impairment recoveries of non-financial The Corporation evaluated the remaining useful lives and residual values of its property, plant and equipment, concluding they remain reasonable given the current estimate of the demand period for oil and natural gas extractive services well exceeds their remaining useful lives. In addition, the Corporation’s property, plant and equipment, including drill rig equipment, adapts to numerous low-carbon In future periods, if indications of impairment of non-financial

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Disclosure Of Significant Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 3. (a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly-owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Precision does not hold investments in any companies where it exerts significant influence and does not hold interests in any special-purpose entities. The acquisition method is used to account for acquisitions of subsidiaries and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the statement of earnings. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Corporation incurs in connection with a business combination are expensed as incurred. (b) Cash Cash consists of cash and short-term investments with original maturities of three months or less. (c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item. (d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision’s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of loss. Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate. (e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision’s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate. (f) Impairment of Non-Financial The carrying amounts of the Corporation’s non-financial If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. For CGUs that contain goodwill and other intangible assets that have indefinite lives or that are not yet available for use, an impairment test is, at a minimum, completed annually as of December 31. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (g) Borrowing Costs Interest and borrowing costs that are directly attributable to the acquisition, construction or production of assets that take a substantial period of time to prepare for their intended use are capitalized as part of the cost of those assets. Capitalization ceases during any extended period of suspension of construction or when substantially all activities necessary to prepare the asset for its intended use are complete. All other interest and borrowing costs are recognized in net earnings in the period in which they are incurred. (h) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and requires significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Corporation establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. (i) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 30 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. The Corporation also provided directional drilling services, which included the provision of directional drilling equipment, tools and personnel to the wellsite, and performance of daily directional drilling services. Directional drilling revenue was recognized over time, upon the daily completion of operating activities. Operating days were measured through daily tour sheets. Revenue was recognized at the applicable day rate, as stipulated in the directional drilling contract. The Corporation’s directional drilling business was sold in July 2021. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site (j) Employee Benefit Plans Precision sponsors various defined contribution retirement plans for its employees. The Corporation’s contributions to defined contribution plans are expensed as employees earn the entitlement. (k) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. (l) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management re-measured The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital. (m) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end Non-monetary For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation. (n) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds. (o) Financial Instruments i) Non-Derivative Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative ECL ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statement of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statement of financial position at estimated fair value and changes in the fair value are recognized in earnings. (p) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation. (q) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ☐ the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ☐ the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ☐ the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease obligation is initially measured at the present value of the minimum lease payments not paid at commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ☐ fixed payments, including in-substance ☐ variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ☐ amounts expected to be payable under a residual value guarantee; and ☐ the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations require the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ☐ future lease payments arising from a change in an index or rate; ☐ the estimated amount expected to be payable under a residual value guarantee; or ☐ the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. When acting as a sub-lessor, sub-lease sub-lease right-of-use sub-lease If an arrangement contains lease and non-lease (r) Government Assistance and Grants Precision may receive government grants in the form of transfers of resources in return for past or future compliance with certain conditions relating to operating activities. Government grants are recognized once there is reasonable assurance that Precision will comply with the attached conditions and grants will be received. Government grants are recognized in net earnings on a systematic basis over the periods in which Precision recognizes expenses related to costs for which the grants are intended to compensate. (s) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts and consideration of the Corporation’s market capitalization. When indications of impairment exist within a CGU, a recoverable amount is determined and requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated adjusted earnings before interest, taxes, depreciation and amortization associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation’s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation’s future taxable income. These estimates may be materially different from the actual final tax return in future periods. (t) Accounting Standards Adopted in 2021 i) Simplification of Financial Disclosures about Guarantors On January 1, 2021, the Corporation adopted the Securities and Exchange Commission’s amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as specified in Rule 3-10 S-X. non-financial (u) Accounting Standards and Amendments not yet Effective The IASB has issued a number of new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2021. Accordingly, these new standards and amendments were not applied when preparing these consolidated financial statements. For each standard, Precision has assessed or is in the process of assessing the impact these new standards and amendments will have on its consolidated financial statements. Standards and Amendments Effective for periods beginning on or after Impact to Precision Drilling Corporation Annual improvements to IFRS Standards 2018–2020 January 1, 2022 Not material Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) January 1, 2022 Review in-progress Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) January 1, 2022 Review in-progress IFRS 17 Insurance Contracts January 1, 2023 Not material Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 Review in-progress Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 Review in-progress Disclosure of Accounting Policies (Amendments of IAS 1) January 1, 2023 Review in-progress Classification of liabilities as current or non-current January 1, 2023 Review in-progress

Impact of COVID-19

Impact of COVID-19	12 Months Ended
	Dec. 31, 2021
Disclosure Of Impact Of C O V I D19 [Abstract]
Impact of COVID-19	NOTE 4. COVID-19 In 2021, the Novel Coronavirus (COVID-19)

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Disclosure Of Revenue Explanatory [Abstract]
Revenue	NOTE 5. The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 385,330 $ 12,700 $ — $(6) $ 398,024 Canada 347,562 100,788 — (4,578) 443,772 International 145,051 — — — 145,051 $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 Day rate/hourly services $ 845,832 $ 113,488 $ — $ (462) $ 958,858 Shortfall payments/idle but contracted 543 — — — 543 Turnkey drilling services 17,086 — — — 17,086 Directional services (1) 7,871 — — — 7,871 Other 6,611 — — (4,122) 2,489 $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 (1) Directional drilling disposed in the third quarter of 2021. Year ended December 31, 2020 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 427,436 $ 16,630 $ — $ (14) $ 444,052 Canada 247,678 60,621 — (2,686) 305,613 International 186,088 — — — 186,088 $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753 Day rate/hourly services $ 779,772 $ 77,251 $ — $ (393) $ 856,630 Shortfall payments/idle but contracted 51,028 — — — 51,028 Turnkey drilling services 14,134 — — — 14,134 Directional services 9,637 — — — 9,637 Other 6,631 — — (2,307) 4,324 $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [abstract]
Segmented Information	NOTE 6. The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, directional drilling (disposed in the third quarter of 2021), procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 Operating earnings (loss) (16,867) 8,927 (73,098) — (81,038) Depreciation and amortization 256,072 15,405 10,849 — 282,326 Gain on asset disposals (7,673) (525) (318) — (8,516) Total assets 2,392,382 127,233 142,137 — 2,661,752 Capital expenditures 70,998 4,452 491 — 75,941 Year ended December 31, 2020 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753 Operating earnings (loss) 22,207 (3,671) (59,524) — (40,988) Depreciation and amortization 288,389 16,375 11,558 — 316,322 Gain on asset disposals (10,171) (1,447) (313) — (11,931) Total assets 2,571,397 132,771 194,710 — 2,898,878 Capital expenditures 57,741 3,362 489 — 61,592 A reconciliation of operating loss to net loss is as follows: 2021 2020 Operating earnings (loss) $ (81,038) $ (40,988) Deduct: Foreign exchange 393 4,542 Finance charges 91,431 107,468 Loss on investments and other assets 400 — Loss (gain) on redemption and repurchase of unsecured senior notes 9,520 (43,814) Income taxes (5,396) 10,954 Net loss $ (177,386) $ (120,138) The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2021 United States Canada International Total Revenue $ 398,024 $ 443,772 $ 145,051 $ 986,847 Total assets 1,247,173 959,163 455,416 2,661,752 Precision Drilling Corporation 2021 Annual Report 17 Year ended December 31, 2020 United States Canada International Total Revenue $ 444,052 $ 305,613 $ 186,088 $ 935,753 Total assets 1,339,945 1,053,921 505,012 2,898,878

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment	NOTE 7. 2021 2020 Cost $ 6,503,721 $ 6,563,206 Accumulated depreciation (4,245,330 ) (4,090,523 ) $ 2,258,391 $ 2,472,683 Rig equipment 2,074,185 2,269,794 Rental equipment 20,597 27,359 Other equipment 17,088 27,318 Vehicles 3,204 4,978 Buildings 44,009 49,451 Assets under construction 67,884 60,572 Land 31,424 33,211 $ 2,258,391 $ 2,472,683 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2019 $ 6,109,383 $ 110,307 $ 185,319 $ 38,506 $ 126,177 $ 67,740 $ 33,547 $ 6,670,979 Additions 10,375 — 350 — — 50,810 — 61,535 Disposals (78,028 ) (4,664 ) (3,990 ) (2,789 ) (3,053 ) — — (92,524 ) Reclassifications 55,322 — 521 — — (55,843 ) — — Effect of foreign currency exchange differences (71,285 ) (619 ) (1,196 ) (367 ) (846 ) (2,135 ) (336 ) (76,784 ) Balance, December 31, 2020 6,025,767 105,024 181,004 35,350 122,278 60,572 33,211 6,563,206 Additions 15,288 — 254 — — 60,399 — 75,941 Disposals (100,004 ) (1,822 ) (2,300 ) (543 ) (2,454 ) — (1,674 ) (108,797 ) Reclassifications 47,080 — 188 — — (47,268 ) — — Effect of foreign currency exchange differences (19,815 ) (21 ) (429 ) (127 ) (305 ) (5,819 ) (113 ) (26,629 ) Balance, December 31, 2021 $ 5,968,316 $ 103,181 $ 178,717 $ 34,680 $ 119,519 $ 67,884 $ 31,424 $ 6,503,721 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2019 $ 3,598,878 $ 75,870 $ 146,715 $ 30,710 $ 69,343 $ — $ — $ 3,921,516 Depreciation expense 277,799 7,044 12,013 2,790 5,288 — — 304,934 Disposals (73,354 ) (4,631 ) (3,990 ) (2,782 ) (1,319 ) — — (86,076 ) Effect of foreign currency exchange differences (47,350 ) (618 ) (1,052 ) (346 ) (485 ) — — (49,851 ) Balance, December 31, 2020 3,755,973 77,665 153,686 30,372 72,827 — — 4,090,523 Depreciation expense 248,564 6,741 10,410 1,739 4,582 — — 272,036 Disposals (95,977 ) (1,804 ) (2,194 ) (543 ) (1,769 ) — — (102,287 ) Effect of foreign currency exchange differences (14,429 ) (18 ) (273 ) (92 ) (130 ) — — (14,942 ) Balance, December 31, 2021 $ 3,894,131 $ 82,584 $ 161,629 $ 31,476 $ 75,510 $ — $ — $ 4,245,330 (a) Impairment Test Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2021, Precision reviewed each of its cash-generating units and did not identify indications of impairment, or reversal of impairment and therefore, did not test its CGUs for impairment. (b) Asset Disposals Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a net gain on asset disposal of $9 million (2020 – During 2021, Precision sold its directional drilling business to Cathedral Energy Services Ltd. ( Cathedral $3 million of cash to support Cathedral’s further growth and expansion, for a purchase price of $6 million, resulting in a gain on disposal of $1 million. The directional drilling business was previously contained within the Contract Drilling Services segment. The purchase price was satisfied through the issuance of 13,400,000 Cathedral common shares, along with warrants to purchase an additional 2,000,000 Cathedral common shares at a price of $0.60 per common share within a two-year two-year

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Intangibles	NOTE 8. INTANGIBLES 2021 2020 Cost $ 55,108 $ 54,189 Accumulated amortization (31,193 ) (26,523 ) $ 23,915 $ 27,666 Loan commitment fees related to Senior Credit Facility $ 2,067 $ 2,109 Software 21,848 25,557 $ 23,915 $ 27,666 Cost Loan Commitment Fees Software Total Balance, December 31, 2019 $ 15,478 $ 37,938 $ 53,416 Additions 690 57 747 Effect of foreign currency exchange differences — 26 26 Balance, December 31, 2020 16,168 38,021 54,189 Additions 913 — 913 Effect of foreign currency exchange differences — 6 6 Balance, December 31, 2021 $ 17,081 $ 38,027 $ 55,108 Accumulated Amortization Loan Commitment Fees Software Total Balance, December 31, 2019 $ 13,206 $ 8,464 $ 21,670 Amortization expense 853 3,971 4,824 Effect of foreign currency exchange differences — 29 29 Balance, December 31, 2020 14,059 12,464 26,523 Amortization expense 955 3,715 4,670 Balance, December 31, 2021 $ 15,014 $ 16,179 $ 31,193

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2021
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	NOTE 9. LONG-TERM DEBT 2021 2020 2021 2020 U.S. Denominated Facilities Canadian Facilities and Translated U.S. Facilities Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ — U.S. Real Estate Credit Facility 704 704 890 896 US$ 704 US$ 704 $ 2,223 $ 896 Long-Term Debt Senior Credit Facility US$ 118,000 US$ 74,650 $ 149,206 $ 95,041 Canadian Real Estate Credit Facility — — 17,667 — U.S. Real Estate Credit Facility 9,093 9,797 11,498 12,474 Unsecured Senior Notes: 7.75% senior notes due 2023 — 285,734 — 363,782 5.25% senior notes due 2024 — 263,205 — 335,099 7.125% senior notes due 2026 347,765 347,765 439,735 442,757 6.875% senior notes due 2029 400,000 — 505,784 — US$ 874,858 US$ 981,151 1,123,890 1,249,153 Less net unamortized debt issue costs (17,096 ) (12,943 ) $ 1,106,794 $ 1,236,210 Senior Facility Unsecured Senior Canadian U.S. Real Debt Issue Total Balance December 31, 2019 $ — $ 1,445,127 $ — $ — $ (17,946 ) $ 1,427,181 Changes from financing cash flows: Redemption / repurchase of unsecured senior notes — (240,793 ) — — — (240,793 ) Repayment of long-term debt (37,243 ) — — (76 ) — (37,319 ) Proceeds from Senior Credit Facility 137,255 — — — — 137,255 Proceeds from Real Estate Credit Facility — — — 13,811 — 13,811 Payment — — — — (354 ) (354 ) Non-cash Gain on redemption / repurchase of unsecured senior notes — (43,814 ) — — — (43,814 ) Amortization of debt issue costs — — — — 5,350 5,350 Foreign exchange adjustment (4,971 ) (18,882 ) — (365 ) 7 (24,211 ) Balance December 31, 2020 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Current — — — 896 — 896 Long-term 95,041 1,141,638 — 12,474 (12,943 ) 1,236,210 Balance December 31, 202 0 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Changes from financing cash flows: Proceeds from unsecured senior notes — 482,064 — — — 482,064 Proceeds from Senior Credit Facility 194,277 — — — — 194,277 Proceeds from Real Estate Credit Facility — — 20,000 — — 20,000 Repayment of unsecured senior notes — (676,058 ) — — — (676,058 ) Repayment of Senior Credit Facility (146,930 ) — — — — (146,930 ) Repayment of Real Estate Credit Facility — — (1,000 ) (883 ) — (1,883 ) Payment of debt issue costs — — — — (9,450 ) (9,450 ) Non-cash Loss on redemption / repurchase of unsecured senior notes — 9,520 — — — 9,520 Amortization of debt issue costs — — — — 8,720 8,720 Original issue discount — 3,628 — — (3,427 ) 201 Foreign exchange adjustment 6,818 (15,273 ) — (99 ) 4 (8,550 ) Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Current — — 1,333 890 — 2,223 Long-term 149,206 945,519 17,667 11,498 (17,096 ) 1,106,794 Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Precision’s current and long-term debt obligations at December 31, 2021 will mature as follows: 2022 $ 2,223 2023 2,223 2024 2,223 2025 160,257 Thereafter 959,187 $ 1,126,113 (a) Senior Credit Facility: The senior secured revolving credit facility ( Senior Credit Facility The Senior Credit Facility requires that Precision comply with certain restrictive and financial covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA (as defined in the debt agreement) of less than 2.5:1. For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness. It also requires the Corporation to maintain a ratio of consolidated Covenant EBITDA to consolidated interest expense for the most recent four consecutive quarters, of greater than 2.5:1, subject to the amendments noted below. Distributions under the Senior Credit Facility are subject to a pro-forma pro-forma On April 9, 2020 Precision agreed with the lenders of its Senior Credit Facility to certain covenants during the Covenant Relief Period. On June 18, 2021, Precision agreed with the lenders of its Senior Credit Facility to extend the facility’s maturity date and extend and amend certain financial covenants during the Covenant Relief Period. The maturity date of the Senior Credit Facility was extended to June 18, 2025, however, US$53 million of the US$500 million will expire on November 21, 2023 The lenders agreed to extend the Covenant Relief Period to September 30, 2022 and amended the consolidated Covenant EBITDA to consolidated interest coverage ratio for the most recent four consecutive quarters to be greater than or equal to 2.0:1, for the periods ending December 31, 2021 and March 31, 2022, 2.25:1 for the periods ending June 30, 2022 and September 30, 2022 and 2.5:1 for periods ending thereafter. During the Covenant Relief Period, Precision’s distributions in the form of dividends, distributions and share repurchases are restricted to a maximum of US$25 million in each of 2021 and 2022, subject to a pro forma senior net leverage ratio (as defined in the credit agreement) of less than or equal to 1.75:1. In addition, during 2021, the North American and acceptable secured foreign assets must directly account for at least 65% of consolidated Covenant EBITDA calculated quarterly on a rolling twelve-month basis, increasing to 70% thereafter. Precision also has the option to voluntarily terminate the covenant relief period prior to its March 31, 2022 end date. Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2021, US$118 million was drawn under this facility (2020 – US$75 million). Up to US$200 million of the Senior Credit Facility is available for letters of credit denominated in U.S and/or Canadian dollars and other currencies acceptable to the fronting lender. As at December 31, 2021 outstanding letters of credit amounted to US$33 million (2020 – US$32 million). The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base rate or a margin over LIBOR. The interest rate on loans denominated in Canadian dollars is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Dollar Offered Rate ( CDOR (b) Real Estate Credit Facility In March 2021, Precision established a Canadian Real Estate Credit Facility in the amount of $20 million. The facility matures in March 2026 and is secured by real properties in Alberta, Canada. Principal plus interest payments are due quarterly, based on 15-year In November 2020, Precision established a Real Estate Term Credit Facility in the amount of US$11 million. The facility matures in November 2025 15-year margin. The Real Estate Credit Facilities contain certain affirmative and negative covenants and events of default, customary for these types of transactions. Under the terms of these facilities, Precision must maintain financial covenants in accordance with the Senior Credit Facility, described above, as of the last day of each period of four consecutive fiscal quarters. For the Canadian Real Estate Credit Facility, in the event the Senior Credit Facility expires, is cancelled or is terminated, financial covenants in effect at that time shall remain in place for the remaining duration of the facility. For the U.S. Real Estate Credit Facility, in the event the consolidated Covenant EBITDA to consolidated interest expense coverage ratio is waived or removed from the Senior Credit Facility, a minimum threshold of 1.15:1 is required. (c) Unsecured Senior Notes: Precision has outstanding the following unsecured senior notes: 7.125% US$ senior notes due 2026 These unsecured senior notes bear interest at a fixed rate of 7.125% per annum and mature on January 15, 2026. Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018. Precision may redeem these notes in whole or in part at any time before November 15, 2023, at redemption prices ranging between 105.344% and 101.781% of their principal amount plus accrued interest. Any time on or after November 15, 2022, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase. 6.875% US$ senior notes due 2029 These unsecured senior notes bear interest at a fixed rate of 6.875% per annum and mature on January 15, 2029. Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022. Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due 2029 with the net proceeds of certain equity offerings at a redemption price equal to 106.875% of the principal amount plus accrued interest. Prior to January 15, 2025, Precision may redeem these notes in whole or in part at 100.0% of their principal amount, plus accrued interest and the greater of 1.0% of the principal amount of the note to be redeemed and the excess, if any, of the present value of the January 15, 2025 redemption price plus required interest payments through January 15, 2025 (calculated using the U.S. Treasury rate plus 50 basis points) over the principal amount of the note. As well, Precision may redeem these notes in whole or in part at any time on or after January 15, 2025 and before January 15, 2027, at redemption prices ranging between 103.438% and 101.719% of their principal amount plus accrued interest. Any time on or after January 15, 2027, these notes can be redeemed for their principal amount plus accrued interest. Upon specified change of control events, each holder of a note will have the right to sell to Precision all or a portion of its notes at a purchase price in cash equal to 101% of the principal amount, plus accrued interest to the date of purchase. The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. This restricted payments basket grows by, among other things, 50% of cumulative consolidated net earnings, and decreases by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2021, the governing net restricted payments basket was negative $369 million (2020 – negative $307 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2021, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares. On June 15, 2021, Precision issued US$400 million of 6.875% unsecured senior notes due in 2029 in a private offering. These unsecured senior notes were issued at a price equal to 99.253% of the face value, resulting in a US$3 million original issue discount. The original issue discount will be amortized over the life of the notes using the effective interest rate method. The net proceeds from the issuance along with amounts drawn on the Senior Credit Facility were used to redeem in full US$286 million aggregate principal amount of the 7.750% unsecured senior notes due 2023 and redeem in full US$263 million aggregate principal amount of the 5.250% unsecured senior notes due 2024 for US$557 million plus accrued and unpaid interest resulting in a loss on redemption of US$8 million. The redemption of the unsecured senior notes occurred on June 16, 2021 and interest ceased to accrue on the notes on that date. Precision’s unsecured senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all U.S. and Canadian subsidiaries that guaranteed the Senior Credit Facility ( Guarantor Subsidiaries owned by the parent company. Separate financial statements for each of the Guarantor Subsidiaries have not been provided; instead, the Corporation has included in Note 27 summarized financial information and expanded qualitative non-financial disclosures based on Rule 3-10 of the U.S. Securities and Exchange Commission’s Regulation S-X. (d) Covenants: At December 31, 2021, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2021 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.97 Consolidated covenant EBITDA to consolidated interest expense ≥ 2.83 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 2.83 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 2.06 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Restructuring and Other

Restructuring and Other	12 Months Ended
	Dec. 31, 2021
Disclosure Of Restructuring And Other Recoveries [Abstract]
Restructuring and Other	NOTE 10. RESTRUCTURING AND OTHER In response to the economic slowdown caused by COVID-19, For the period ended December 31, 2020, the Corporation incurred restructuring charges of $18 million. These charges were comprised of severance, as the Corporation aligned its cost structure to reflect reduced global activity, and certain costs associated with the shutdown of its directional drilling operations in the United States. Precision did not recognize any restructuring costs in 2021.

Finance Charges

Finance Charges	12 Months Ended
	Dec. 31, 2021
Finance Costs [Abstract]
Finance Charges	NOTE 11. 2021 2020 Interest: Long-term debt $ 78,921 $ 98,555 Lease obligations 2,764 3,217 Other 80 232 Income (210 ) (739 ) Amortization of debt issue costs 9,876 6,203 Finance charges $ 91,431 $ 107,468

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Disclosure Of Leases [Abstract]
Leases	NOTE 12. (a) As a lessee Precision recognizes right-of-use Real Estate Vehicles and Total Balance, December 31, 2019 $ 54,026 $ 12,116 $ 66,142 Additions 136 3,031 3,167 Derecognition — (2,597 ) (2,597 ) Depreciation (3,900 ) (3,517 ) (7,417 ) Lease remeasurements (6,233 ) 2,602 (3,631 ) Effect of foreign currency exchange differences (340 ) (156 ) (496 ) Balance, December 31, 2020 $ 43,689 $ 11,479 $ 55,168 Additions 514 3,029 3,543 Derecognition — (480 ) (480 ) Depreciation (3,566 ) (3,009 ) (6,575 ) Effect of foreign currency exchange differences (174 ) (42 ) (216 ) Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440 Precision’s real estate lease contracts often contain renewal options which may impact the determination of the lease term for purposes of calculating the lease obligation. If it is reasonably certain that a renewal option will be exercised, the renewal period is included in the lease term. When entering a lease, Precision assesses whether it is reasonably certain renewal options will be exercised. Reasonable certainty is established if all relevant facts and circumstances indicate an economic incentive to exercise the renewal option. For the majority of its real estate leases, Precision is reasonably certain it will exercise its renewal option. Accordingly, the renewal period has been included in the lease term used to calculate the lease obligation. For the period ended December 31, 2021, Precision had total cash outflows of $9 million (2020 – $9 million) in relation to its lease obligations. The Corporation has commitments under various lease agreements, primarily for real estate and vehicles and equipment. Terms of Precision’s real estate leases run for a period of one years while vehicle and equipment leases are typically for terms of between three non-cancellable 2021 2020 Less than one year $ 10,782 $ 10,960 One to five years 29,327 29,630 More than five years 2,391 6,590 $ 42,500 $ 47,180 (b) As a lessor Precision leases its rig equipment under long-term drilling contracts with terms ranging from one The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2021. Less than one year $ 198,188 One to five years 61,860 $ 260,048

Share Based Compensation Plans

Share Based Compensation Plans	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share Based Compensation Plans	NOTE 13. Precision’s omnibus equity incentive plan ( Omnibus Plan Liability Classified Plans Restricted Share Units Performance Share Units Executive Non- Management Directors’ Total Balance, December 31, 2019 $ 7,318 $ 2,858 $ — $ 3,336 $ 13,512 Expensed during the period 3,119 2,787 — (1,551 ) 4,355 Reclassification from equity-settled plans — — 6,833 — 6,833 Payments (3,813 ) (894 ) — (176 ) (4,883 ) Balance, December 31, 2020 6,624 4,751 6,833 1,609 19,817 Expensed during the period 17,168 18,634 17,646 3,065 56,513 Reclassification from equity-settled plans — — (3,164 ) — (3,164 ) Payments (5,742 ) (1,861 ) (4,808 ) — (12,411 ) Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755 Current 11,338 6,182 16,507 — 34,027 Long-term 6,712 15,342 — 4,674 26,728 Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755 (a) Restricted Share Units and Performance Share Units Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted Share Unit ( RSU PSU that ranges from zero to two times. The performance factor is based on Precision’s share price performance compared to a peer group over the three-year period. A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below: RSUs Outstanding PSUs Outstanding December 31, 2019 316,904 166,768 Granted 363,253 502,558 Redeemed (127,884 ) (39,028 ) Forfeited (67,491 ) (64,919 ) December 31, 2020 484,782 565,379 Granted 356,928 488,510 Redeemed (216,820 ) (40,515 ) Forfeited (26,734 ) (29,640 ) December 31, 2021 598,156 983,734 (b) Executive Performance Share Units Precision grants Executive PSUs to certain senior executives. Executive PSUs vest over a three-year period and incorporate performance criteria established at the date of grant that can adjust the number of performance share units available for settlement from zero to two times the amount originally granted. A summary of the activity under this share-based incentive plan is presented below: Executive Performance Share Units Outstanding December 31, 2019 368,845 Redeemed (57,442 ) Forfeited (22,696 ) December 31, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964 Included in net loss for the year ended December 31, 2021 is an expense of $18 million (2020 – $15 million). Subsequent to December 31, 2021, Precision settled 131,950 vesting Executive PSUs in 263,900 common shares. (c) Non-Management Precision has a deferred share unit ( DSU non-management non-management Non-management non-management A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2019 89,613 Redeemed (12,039 ) Balance December 31, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591 Equity Settled Plans (d) Option Plan Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years. A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Outstanding Range of Exercise Prices Weighted Average Exercise Price Options Exercisable December 31, 2019 201,079 $ 87.00 – 286.20 145.88 178,453 Forfeited (52,414 ) 87.00 – 203.00 165.79 December 31, 2020 148,665 87.00 – 286.20 138.86 141,156 Forfeited (33,060 ) 89.20 – 286.20 193.10 December 31, 2021 115,605 $ 87.00 – 146.40 $ 123.35 115,605 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable December 31, 2019 318,153 $ 51.20 – 183.60 $ 93.32 217,441 Forfeited (34,360 ) 64.20 – 183.60 151.92 December 31, 2020 283,793 51.20 – 183.60 86.23 239,521 Forfeited (15,950 ) 183.60 – 183.60 183.60 December 31, 2021 267,843 $ 51.20 – 115.80 $ 80.43 257,854 Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 87.00 – 117.59 45,590 $ 88.11 2.14 45,590 $ 88.11 117.60 – 146.19 17,035 145.97 2.13 17,035 145.97 146.20 – 146.40 52,980 146.40 0.11 52,980 146.40 $ 87.00 – 146.40 115,605 $ 123.35 1.21 115,605 $ 123.35 U.S. Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices (US$): Number Weighted Average Exercise Price (US$) Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price (US$) $ 51.20 – 66.50 103,035 $ 60.42 2.02 93,046 $ 61.41 66.51 – 105.94 78,323 70.69 3.05 78,323 70.69 105.95 – 115.80 86,485 113.08 1.38 86,485 113.08 $ 51.20 – 115.80 267,843 $ 80.43 2.11 257,854 $ 81.56 No options were granted during 2021 and 2020. Included in net loss for the year ended December 31, 2021 is an expense of $0.2 million (2020 – $1 million). (e) Non-Management Prior to January 1, 2012, Precision had a deferred share unit plan for non-management non-management A summary of this share-based incentive plan is presented below: Deferred Share Units Outstanding December 31, 2019 4,659 Redeemed (3,189 ) December 31, 2020 and 2021 1,470

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Net deferred tax assets and liabilities [abstract]
Income Taxes	NOTE 14. The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2021 2020 Loss before income taxes $ (182,782 ) $ (109,184 ) Federal and provincial statutory rates 24 % 25 % Tax at statutory rates $ (43,868 ) $ (27,296 ) Adjusted for the effect of: Non-deductible 1,162 628 Non-taxable (257 ) (6,184 ) Impact of foreign tax rates (1,474 ) (238 ) Withholding taxes 937 813 Taxes related to prior years (1,467 ) (1,531 ) Tax assets not recognized 37,924 44,112 Other 1,647 650 Income tax expense (recovery) $ (5,396 ) $ 10,954 The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2021 2020 Deferred tax liability: Property, plant and equipment and intangibles $ 359,383 $ 393,631 Debt issue costs 1,457 2,665 Partnership deferrals 11,082 2,532 Other 6,221 6,322 378,143 405,150 Offsetting of assets and liabilities (365,924 ) (383,914 ) $ 12,219 $ 21,236 Deferred tax assets: Losses (expire from time to time up to 204 1 $ 340,406 $ 370,439 Long-term incentive plan 14,264 4,956 Other 12,121 9,617 366,791 385,012 Offsetting of assets and liabilities (365,924 ) (383,914 ) $ 867 $ 1,098 Net deferred tax liability $ 11,352 $ 20,138 Included in the deferred tax assets at December 31, 2021 was $1 million (2020 – $1 million) of tax-effected The Corporation has loss carry forwards in the U.S. and certain international locations and capital loss carry forwards in Canada and other deductible temporary differences in certain international locations for which it is unlikely that sufficient future taxable income will be available. Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2021 2020 Tax losses (Capital) $ 29,363 $ 29,809 Tax losses (Income) 96,671 72,516 Deductible temporary differences 4,153 2,020 Total $ 130,187 $ 104,345 Property, Partnership Other Losses Debt Issue Costs Long-Term Incentive Plan Other Deferred Tax Assets Net Deferred Tax Liability Balance, December 31, 2019 $ 426,934 $ 850 $ 7,926 $ (402,025 ) $ 3,280 $ (6,131 ) $ (10,169 ) $ 20,665 Recognized in net earnings (loss) (28,600 ) 1,682 (1,601 ) 33,141 (615 ) 1,120 537 5,664 Recognized in other comprehensive income — — — (5,398 ) — — — (5,398 ) Effect of foreign currency exchange (4,703 ) — (3 ) 3,843 — 55 15 (793 ) Balance, December 31, 2020 $ 393,631 $ 2,532 $ 6,322 $ (370,439 ) $ 2,665 $ (4,956 ) $ (9,617 ) $ 20,138 Recognized in net earnings (loss) (32,562 ) 8,550 (99 ) 28,528 (1,208 ) (9,291 ) (2,517 ) (8,599 ) Effect of foreign currency exchange (1,686 ) — (2 ) 1,505 — (17 ) 13 (187 ) Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ (340,406 ) $ 1,457 $ (14,264 ) $ (12,121 ) $ 11,352

Bank Indebtedness

Bank Indebtedness	12 Months Ended
	Dec. 31, 2021
Debt instruments held [abstract]
Bank Indebtedness	NOTE 15. At December 31, 2021, Precision had available $40 million (2020 – $40 million) and US$15 million (2020 – US$15 million) under secured operating facilities, and a secured US$30 million (2020 – US$30 million) facility for the issuance of letters of credit and performance and bid bonds to support international operations. As at December 31, 2021 and 2020, no amounts had been drawn on any of the facilities. Availability of the $40 million and US$30 million facility was reduced by outstanding letters of credit in the amount of $7 million (2020 – $7 million) and US$3 million (2020 – US$2 million), respectively. The facilities are primarily secured by charges on substantially all present and future property of Precision and its material subsidiaries. Advances under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. LIBOR rate plus applicable margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s prime lending rate.

Provisions and Other

Provisions and Other	12 Months Ended
	Dec. 31, 2021
Disclosure of other provisions [abstract]
Provisions and Other	NOTE 16. Workers’ Compensation Balance December 31, 2019 $ 11,866 Recovered during the year (750 ) Payment of deductibles and uninsured claims (2,698 ) Effects of foreign currency exchange differences (110 ) Balance December 31, 2020 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Effects of foreign currency exchange differences (71 ) Balance December 31, 2021 $ 8,718 2021 2020 Current $ 2,205 $ 745 Long-term 6,513 7,563 $ 8,718 $ 8,308 Precision maintains a provision for the deductible and uninsured portions of workers’ compensation and general liability claims. The amount accrued for the provision for losses incurred varies depending on the number and nature of the claims outstanding at the statement of financial position dates. In addition, the accrual includes management’s estimate of the future cost to settle each claim such as future changes in the severity of the claim and increases in medical costs. Precision uses third parties to assist in developing the estimate of the ultimate costs to settle each claim, which is based on historical experience associated with the type of each claim and specific information related to each claim. The specific circumstances of each claim may change over time prior to settlement and, as a result, the estimates made as of the balance sheet dates may change. The current portion of the provision is presented within accounts payables and accrued liabilities.

Shareholders' Capital

Shareholders' Capital	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Shareholders' Capital	NOTE 17. (a) Authorized – unlimited number of voting common shares – unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares (b) Issued Common shares Number Amount Balance, December 31, 2019 13,864,990 $ 2,296,378 Share repurchase (420,588 ) (11,317 ) Share issuance on redemption of non-management 15,228 677 Share consolidation adjustment (37 ) — Balance, December 31, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444 (c) Normal Course Issuer Bid In 2019, the Toronto Stock Exchange (TSX) approved Precision’s application to implement a Normal Course Issuer Bid (NCIB). During the third quarter of 2021, the TSX approved Precision’s application to renew the NCIB. Under the terms of the NCIB, Precision may purchase and cancel up to a maximum of 1,317,158 common shares, representing 10% of the public float of common shares as of August 13, 2021. Purchases under the NCIB were made through the facilities of the TSX, the New York Stock Exchange and various other designated exchanges in accordance with applicable regulatory requirements at a price per common share representative of the market price at the time of acquisition. The NCIB will terminate no later than August 26, 2022. For the year ended December 31, 2021, Precision repurchased and cancelled a total of 155,168 (2020 – 420,588) common shares for $4 million (2020 – $11 million). (d) Share Consolidation On November 12, 2020, Precision Drilling Corporation completed a 20:1 consolidation of its common shares. No fractional shares were issued pursuant to the share consolidation. In lieu of any such fractional shares, each registered shareholder otherwise entitled to a fractional share following the implementation of the share consolidation received the nearest whole number of post-consolidation shares, resulting in a share consolidation adjustment of 37 common shares.

Per Share Amounts

Per Share Amounts	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Per Share Amounts	NOTE 18. The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2021 2020 Net loss – basic and diluted $ (177,386 ) $ (120,138 ) (Stated in thousands) 2021 2020 Weighted average shares outstanding – basic 13,315 13,722 Effect of share option and other equity compensation plans — — Weighted average shares outstanding – diluted 13,315 13,722

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income [abstract]
Accumulated Other Comprehensive Income	NOTE 19. Unrealized Foreign Currency Translation Gains (Losses) Foreign Exchange Gain (Loss) on Net Investment Hedge Tax Benefit Related to Net Investment Hedge of Long-Term Debt Accumulated Other Comprehensive Income December 31, 2019 $ 509,582 $ (375,327 ) $ — $ 134,255 Other comprehensive income (loss) (25,925 ) 23,853 5,398 3,326 December 31, 2020 483,657 (351,474 ) 5,398 137,581 Other comprehensive income (loss) (11,256 ) 8,455 — (2,801 ) December 31, 2021 $ 472,401 $ (343,019 ) $ 5,398 $ 134,780

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2021
Employees Benefit Plans [Abstract]
Employee Benefit Plans	NOTE 20. The Corporation has a defined contribution pension plan covering a significant number of its employees. Under this plan, the Corporation matched individual contributions up to 1

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions [abstract]
Related Party Transactions	NOTE 21. Compensation of Key Management Personnel The remuneration of key management personnel is as follows: 2021 2020 Salaries and other benefits $ 6,591 $ 10,031 Equity-settled share-based compensation 5,554 9,148 Cash-settled share-based compensation 18,741 419 $ 30,886 $ 19,598 Key management personnel are comprised of the directors and executive officers of the Corporation. Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause.

Capital Commitments

Capital Commitments	12 Months Ended
	Dec. 31, 2021
Commitments [Abstract]
Capital Commitments	NOTE 22. At December 31, 2021, the Corporation had commitments to purchase property, plant and equipment totaling $137 million (2020 – $113 million). Payments of $42 million for these commitments are expected to be made in 2022, $60 million in 2023 and $35 million in 2024.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Financial Instruments	NOTE 23. Financial Risk Management The Board of Directors is responsible for identifying the principal risks of Precision’s business and for ensuring the implementation of systems to manage these risks. With the assistance of senior management, who report to the Board of Directors on the risks of Precision’s business, the Board of Directors considers such risks and discusses the management of such risks on a regular basis. Precision has exposure to the following risks from its use of financial instruments: (a) Credit Risk Accounts receivable includes balances from a large number of customers primarily operating in the oil and natural gas industry. The Corporation manages credit risk by assessing the creditworthiness of its customers before providing services and on an ongoing basis, and by monitoring the amount and age of balances outstanding. In some instances, the Corporation will take additional measures to reduce credit risk including obtaining letters of credit and prepayments from customers. When indicators of credit problems appear, the Corporation takes appropriate steps to reduce its exposure including negotiating with the customer, filing liens and entering into litigation. For the year ended December 31, 2021, revenue from transactions with one of Precision’s contract drilling customers exceeded 10% of consolidated revenue. Revenue from this customer accounted for 10% (2020 – $12%) of consolidated revenue. No other customers exceeded 10% of consolidated revenue for the year. In addition, Precision’s most significant customer accounted for $16 The movement in the expected credit loss allowance during the year was as follows: 2021 2020 Balance, January 1, $ 862 $ 929 Impairment loss recognized 29 812 Amounts written-off (70 ) (479 ) Impairment loss reversed (231 ) (396 ) Effect of movement in exchange rates (5 ) (4 ) Balance, December 31, $ 585 $ 862 The ageing of trade receivables at December 31 was as follows: 2021 2020 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 117,618 $ 1 $ 66,191 $ 1 Past due 0 – 30 days 27,235 5 35,060 8 Past due 31 – 120 days 8,524 474 11,649 26 Past due more than 120 days 105 105 1,895 827 $ 153,482 $ 585 $ 114,795 $ 862 (b) Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. Precision had exposure to interest rate fluctuations on amounts drawn on its Senior Credit Facility and Real Estate Credit Facility as they are subject to floating rates of interest. At December 31, 2021, Precision had drawn US$118 million on its Senior Credit Facility (2020 – US$75 million) and $31 million (2020 – $13 million) on its Real Estate Credit Facilities. As at December 31, 2021, a 1% change to the interest rate would have a $2 million impact on net loss The interest rate on Precision’s unsecured senior notes is fixed and is not subject to interest rate risk. (c) Foreign Currency Risk The Corporation is primarily exposed to foreign currency fluctuations in relation to the working capital of its foreign operations and certain long-term debt facilities of its Canadian operations. The Corporation has no significant exposures to foreign currencies other than the U.S. dollar. The Corporation monitors its foreign currency exposure and attempts to minimize the impact by aligning appropriate levels of U.S. denominated debt with cash flows from U.S. based operations. The following financial instruments were denominated in U.S. dollars: 2021 2020 Canadian Foreign Canadian Foreign Cash US $ 2,398 US $ 17,382 US $ 35,257 US $ 26,057 Accounts receivable 14 115,614 — 98,298 Accounts payable and accrued liabilities (29,427 ) (81,971 ) (18,727 ) (59,704 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,781 ) — (16,197 ) Net foreign currency exposure US $ (27,015 ) US $ 36,244 US $ 16,530 US $ 48,454 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (270 ) $ — $ 165 $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 362 $ — $ 485 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations. (d) Liquidity Risk Liquidity risk is the exposure of the Corporation to the risk of not being able to meet its financial obligations as they become due. The Corporation manages liquidity risk by monitoring and reviewing actual and forecasted cash flows to ensure there are available cash resources to meet these needs. The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2021: 2022 2023 2024 2025 2026 Thereafter Total Accounts payable and accrued liabilities $ 224,123 $ — $ — $ — $ — $ — $ 224,123 Share-based compensation 18,414 24,331 24,742 — — — 67,487 Long-term debt 2,223 2,223 2,223 160,257 453,403 505,784 1,126,113 Interest on long-term debt (1) 72,147 72,071 71,996 69,433 36,196 70,995 392,838 Commitments 53,030 69,631 44,068 5,688 4,823 2,391 179,631 Total $ 369,937 $ 168,256 $ 143,029 $ 235,378 $ 494,422 $ 579,170 $ 1,990,192 (1) Excludes amortization of long-term debt issue costs. Fair Values The carrying value of cash, accounts receivable, and accounts payable and accrued liabilities approximates their fair value due to the relatively short period to maturity of the instruments. Amounts drawn on the Senior Credit Facility and Real Estate Credit Facilities, measured at amortized cost, approximate fair value as this indebtedness is subject to floating rates of interest. The fair value of the unsecured senior notes at December 31, 2021 was approximately $969 million (2020 – $1,023 million). Financial assets and liabilities recorded or disclosed at fair value in the consolidated statements of financial position are categorized based on the level of judgement associated with the inputs used to measure their fair value. Hierarchical levels are based on the amount of subjectivity associated with the inputs in the fair determination and are as follows: Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The estimated fair value of Unsecured Senior Notes is based on level II inputs. The fair value is estimated considering the risk free interest rates on government debt instruments of similar maturities, adjusted for estimated credit risk, industry risk and market risk premiums.

Capital Management

Capital Management	12 Months Ended
	Dec. 31, 2021
Capital Management [Abstract]
Capital Management	NOTE 24. The Corporation’s strategy is to carry a capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The Corporation seeks to maintain a balance between the level of long-term debt and shareholders’ equity to ensure access to capital markets to fund growth and working capital given the cyclical nature of the oilfield services sector. The Corporation strives to maintain a conservative ratio of long-term debt to long-term debt plus equity. As at December 31, 2021 and 2020, these ratios were as follows: 2021 2020 Long-term debt $ 1,106,794 $ 1,236,210 Shareholders’ equity 1,225,555 1,406,640 Total capitalization $ 2,332,349 $ 2,642,850 Long-term debt to long-term debt plus equity ratio 0.47 0.47 As at December 31, 2021, liquidity remained sufficient as Precision had $41 million (2020 – $109 million) in cash and access to the US$500 million Senior Credit Facility (2020 – US$500 million) and $97 million (2020 – $97 million) secured operating facilities. As at December 31, 2021, US$118 million (2020 – US$75 million) was drawn on the Senior Credit Facility with available credit further reduced by US$33 million (2020 – US$32 million) in outstanding letters of credit. Availability of the $40 million secured operating facility and US$30 million secured facility for the issuance of letters of credit and performance and bid bonds were reduced by outstanding letters of credit of $7 million (2020 – $7 million) and US$3 million (2020 – US$2 million), respectively. There were no amounts drawn on the US$15 million (2020 – nil) secured operating facility.

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2021
Disclosure Of Supplemental Information [Abstract]
Supplemental Information	NOTE 25. Components of changes in non-cash 2021 2020 Accounts receivable $ (50,255 ) $ 103,857 Inventory 1,993 5,181 Accounts payable and accrued liabilities 44,986 (53,666 ) $ (3,276 ) $ 55,372 Pertaining to: Operations $ (13,018 ) $ 55,391 Investments 9,742 (19 ) The components of accounts receivable were as follows: 2021 2020 Trade $ 152,897 $ 113,933 Accrued trade 26,731 16,769 Prepaids and other 76,112 76,507 $ 255,740 $ 207,209 The components of accounts payable and accrued liabilities were as follows: 2021 2020 Accounts payable $ 90,750 $ 56,922 Accrued liabilities: Payroll 68,953 44,533 Other 64,420 49,502 $ 224,123 $ 150,957 Precision presents expenses in the consolidated statements of loss 2021 2020 Wages, salaries and benefits $ 482,695 $ 438,209 Wage subsidies (24,108 ) (26,297 ) Purchased materials, supplies and services 278,743 240,591 Share-based compensation 56,745 19,847 $ 794,075 $ 672,350 Allocated to: Operating expense $ 698,144 $ 583,420 General and administrative 95,931 70,869 Restructuring — 18,061 $ 794,075 $ 672,350

Contingencies and Guarantees

Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2021
Disclosure of contingent liabilities [abstract]
Contingencies and Guarantees	NOTE 26. The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation. The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation. The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable.

Long-Term Debt Guarantors

Long-Term Debt Guarantors	12 Months Ended
	Dec. 31, 2021
Long Term Debt Guarantor Disclosure [Abstract]
Long-Term Debt Guarantors	NOTE 27. Precision Drilling Corporation (Parent) issued registered unsecured senior notes in 2017 and 2021 which are fully and unconditionally guaranteed by certain U.S. and Canadian subsidiaries (Guarantor Subsidiaries) that also guaranteed the Senior Credit Facility. These Guarantor Subsidiaries are directly or indirectly wholly-owned by the Parent. The following is a description of the terms and conditions of the guarantees with respect to the unsecured senior notes for which Precision is the Parent issuer and Guarantor Subsidiaries (Obligor Group) provides a full and unconditional guarantee. As at December 31, 2021, Precision had $946 million principal amount of unsecured senior notes outstanding, $440 million due in 2026 and $506 million due in 2029, all of which is guaranteed by the Guarantor Subsidiaries. The Guarantor Subsidiaries jointly and severally, fully, unconditionally, and irrevocably guarantees the payment of the principal and interest on the unsecured senior notes when they become due, whether at maturity or otherwise. The guarantee is unsecured and ranks senior with all of the Guarantor Subsidiaries’ other unsecured obligations. The Guarantor Subsidiaries will be released and relieved of its obligations under the guarantees after the obligations to the holders are satisfied in accordance with the applicable indentures. Summarized Financial Information The following tables include summarized financial information for the Obligor Group on a combined basis after elimination of (i) intercompany transactions and balances within the Obligor Group; (ii) equity in earnings from investments in the non-guarantor Statements of Loss Parent and Guarantor Subsidiaries 2021 2020 Revenue $ 844,619 $ 752,794 Expenses 690,149 548,991 Earnings before income taxes, loss (gain) on redemption and repurchase of unsecured senior notes, loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 154,470 203,803 Net loss (171,030 ) (144,086 ) Statements of Financial Position Parent and Guarantor Subsidiaries 2021 2020 Assets Current assets $ 219,013 $ 227,265 Property, plant and equipment 1,909,951 2,085,460 Other non-current 79,033 79,104 Parent and Guarantor Subsidiaries 2021 2020 Liabilities Current liabilities $ 200,784 $ 123,472 Long-term debt 1,106,794 1,236,210 Other non-current 87,411 86,303 Excluded from the statements of loss and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the non-guarantor Parent and Guarantor Subsidiaries 2021 2020 Assets Accounts receivable, intercompany $ 34,373 $ 35,500 Short-term advances to affiliates 11,686 13,359 Parent and Guarantor Subsidiaries 2021 2020 Liabilities Accounts payable and accrued liabilities, intercompany $ 33,820 $ 25,374 Long-term advances from affiliates 128,606 89,830

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
Subsidiaries	NOTE 28. Significant Subsidiaries Ownership Interest Country of Incorporation 2021 2020 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 %

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Significant Accounting Policies [Abstract]
Basis of Consolidation	(a) Basis of Consolidation These consolidated financial statements include the accounts of the Corporation and all of its subsidiaries and partnerships, substantially all of which are wholly-owned. The consolidated financial statements of the subsidiaries are prepared for the same period as the parent entity, using consistent accounting policies. All significant intercompany balances and transactions and any unrealized gains and losses arising from intercompany transactions, have been eliminated. Subsidiaries are entities controlled by the Corporation. Control exists when Precision has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are considered. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Precision does not hold investments in any companies where it exerts significant influence and does not hold interests in any special-purpose entities.
Cash	(b) Cash Cash consists of cash and short-term investments with original maturities of three months or less.
Inventory	(c) Inventory Inventory is primarily comprised of operating supplies and carried at the lower of average cost, being the cost to acquire the inventory, and net realizable value. Inventory is charged to operating expenses as items are sold or consumed at the amount of the average cost of the item.
Property, Plant and Equipment	(d) Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes an expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and borrowing costs on qualifying assets. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Corporation, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line Property, plant and equipment are depreciated based on estimates of useful lives and salvage values. These estimates consider data and information from various sources including vendors, industry practice, and Precision’s own historical experience and may change as more experience is gained, market conditions shift, or technological advancements are made. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal to the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of loss. Determination of which parts of the drilling rig equipment represent significant cost relative to the entire rig and identifying the consumption patterns along with the useful lives of these significant parts, are matters of judgement. This determination can be complex and subject to differing interpretations and views, particularly when rig equipment comprises individual components for which different depreciation methods or rates are appropriate. The estimated useful lives, residual values and method and components of depreciation are reviewed annually, and adjusted prospectively, if appropriate.
Intangibles	(e) Intangibles Intangible assets that are acquired by the Corporation with finite lives are initially recorded at estimated fair value and subsequently measured at cost less accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits of the specific asset to which they relate. Intangible assets are amortized based on estimates of useful lives. These estimates consider data and information from various sources including vendors and Precision’s own historical experience and may change as more experience is gained or technological advancements are made. Amortization is recognized in net earnings using the straight-line method over the estimated useful lives of the respective assets. Precision’s loan commitment fees are amortized over the term of the respective facility. Software is amortized over its expected useful life of up to 10 years The estimated useful lives and methods of amortization are reviewed annually and adjusted prospectively if appropriate.
Impairment of Non-Financial Assets	(f) Impairment of Non-Financial The carrying amounts of the Corporation’s non-financial If any such indication exists, then the asset or CGU’s recoverable amount is estimated. Judgement is required when evaluating whether a CGU has indications of impairment. For CGUs that contain goodwill and other intangible assets that have indefinite lives or that are not yet available for use, an impairment test is, at a minimum, completed annually as of December 31. The recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Borrowing Costs	(g) Borrowing Costs Interest and borrowing costs that are directly attributable to the acquisition, construction or production of assets that take a substantial period of time to prepare for their intended use are capitalized as part of the cost of those assets. Capitalization ceases during any extended period of suspension of construction or when substantially all activities necessary to prepare the asset for its intended use are complete. All other interest and borrowing costs are recognized in net earnings in the period in which they are incurred.
Income Taxes	(h) Income Taxes Income tax expense is recognized in net earnings except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable or receivable on the taxable earnings or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net earnings in the period that includes the date of enactment or substantive enactment. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities that are expected to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Corporation is subject to taxation in numerous jurisdictions. Uncertainties exist with respect to the interpretation of complex tax regulations and requires significant judgement. Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded.
Revenue from Contracts with Customers	(i) Revenue from Contracts with Customers Precision recognizes revenue from a variety of sources. In general, customer invoices are issued upon rendering all performance obligations for an individual well-site job. Under the Corporation’s standard contract terms, customer payments are to be received within 30 days of the customer’s receipt of an invoice. Contract Drilling Services The Corporation contracts individual drilling rig packages, including crews and support equipment, to its customers. Depending on the customer’s drilling program, contracts may be for a single well, multiple wells or a fixed term. Revenue from contract drilling services is recognized over time from spud to rig release on a daily basis. Operating days are measured through industry standard tour sheets that document the daily activity of the rig. Revenue is recognized at the applicable day rate for each well, based on rates specified in the drilling contract. The Corporation provides services under turnkey contracts, whereby Precision is required to drill a well to an agreed upon depth under specified conditions for a fixed price, regardless of the time required or problems encountered in drilling the well. Revenue from turnkey drilling contracts is recognized over time using the input method based on costs incurred to date in relation to estimated total contract costs, as that most accurately depicts the Corporation’s performance. The Corporation also provided directional drilling services, which included the provision of directional drilling equipment, tools and personnel to the wellsite, and performance of daily directional drilling services. Directional drilling revenue was recognized over time, upon the daily completion of operating activities. Operating days were measured through daily tour sheets. Revenue was recognized at the applicable day rate, as stipulated in the directional drilling contract. The Corporation’s directional drilling business was sold in July 2021. Completion and Production Services The Corporation provides a variety of well completion and production services including well servicing. In general, service rigs do not involve long-term contracts or penalties for termination. Revenue is recognized daily upon completion of services. Operating days are measured through daily tour sheets and field tickets. Revenue is recognized at the applicable daily or hourly rate, as stipulated in the contract. The Corporation offers its customers a variety of oilfield equipment for rental. Rental revenue is recognized daily at the applicable rate stated in the rental contract. Rental days are measured through field tickets. The Corporation provides accommodation and catering services to customers in remote locations. Customers contract these services either as a package or individually for a fixed term. For accommodation services, the Corporation supplies camp equipment and revenue is recognized over time on a daily basis, once the equipment is on-site
Employee Benefit Plans	(j) Employee Benefit Plans Precision sponsors various defined contribution retirement plans for its employees. The Corporation’s contributions to defined contribution plans are expensed as employees earn the entitlement.
Provisions	(k) Provisions Provisions are recognized when the Corporation has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
Share Based Incentive Compensation Plans	(l) Share-Based Incentive Compensation Plans The Corporation has established several cash-settled share-based incentive compensation plans for non-management re-measured The Corporation has an employee share purchase plan that allows eligible employees to purchase common shares through payroll deductions. Prior to January 1, 2012, the Corporation had an equity-settled deferred share unit plan whereby non-management The Corporation has a share option plan for certain eligible employees. Under this plan, the fair value of share purchase options is calculated at the date of grant using the Black-Scholes option pricing model, and that value is recorded as compensation expense over the grant’s vesting period with an offsetting credit to contributed surplus. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest. Upon exercise of the equity purchase option, the associated amount is reclassified from contributed surplus to shareholders’ capital. Consideration paid by employees upon exercise of the equity purchase options is credited to shareholders’ capital.
Foreign Currency Translation	(m) Foreign Currency Translation Transactions of the Corporation’s individual entities are recorded in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entities’ functional currency are translated at rates in effect at the time of the transaction. At each period end, monetary assets and liabilities are translated at the prevailing period-end Non-monetary For the purpose of preparing the Corporation’s consolidated financial statements, the financial statements of each foreign operation that does not have a Canadian dollar functional currency are translated into Canadian dollars. Assets and liabilities are translated at exchange rates in effect at the period end date. Revenues and expenses are translated using average exchange rates for the month of the respective transaction. Gains or losses resulting from these translation adjustments are recognized initially in other comprehensive income and reclassified from equity to net earnings on disposal or partial disposal of the foreign operation.
Per Share Amounts	(n) Per Share Amounts Basic per share amounts are calculated using the weighted average number of shares outstanding during the period. Diluted per share amounts are calculated by using the treasury stock method for equity-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on exercise of equity-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares outstanding is then adjusted by the difference between the number of shares issued from the exercise of equity-based compensation arrangements and shares repurchased from the related proceeds.
Financial Instruments	(o) Financial Instruments i) Non-Derivative Financial assets and liabilities are classified and measured at amortized cost, fair value through other comprehensive income or fair value through net earnings. The classification of financial assets and liabilities is generally based on the business model in which the asset or liability is managed and its contractual cash flow characteristics. Financial assets held within a business model whose objective is to collect contractual cash flows and whose contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost. After their initial fair value measurement, accounts receivable, accounts payable and accrued liabilities and long-term debt are classified and measured at amortized cost using the effective interest rate method. Upon initial recognition of a non-derivative ECL ii) Derivative Financial Instruments: The Corporation may enter into certain financial derivative contracts in order to manage the exposure to market risks from fluctuations in interest rates or exchange rates. These instruments are not used for trading or speculative purposes. Precision has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it considers certain financial contracts to be economic hedges. As a result, financial derivative contracts are classified as fair value through net earnings and are recorded on the statement of financial position at estimated fair value. Transaction costs are recognized in net earnings when incurred. Derivatives embedded in financial assets are never separated. Rather, the financial instrument as a whole is assessed for classification. Derivatives embedded in financial liabilities are separated from the host contract and accounted for separately when their economic characteristics and risks are not closely related to the host contract. Embedded derivatives in financial liabilities are recorded on the statement of financial position at estimated fair value and changes in the fair value are recognized in earnings.
Hedge Accounting	(p) Hedge Accounting The Corporation utilizes foreign currency long-term debt to hedge its exposure to changes in the carrying values of the Corporation’s net investment in certain foreign operations from fluctuations in foreign exchange rates. To be accounted for as a hedge, the foreign currency long-term debt must be designated and documented as a hedge and must be effective at inception and on an ongoing basis. The documentation defines the relationship between the foreign currency long-term debt and the net investment in the foreign operations, as well as the Corporation’s risk management objective and strategy for undertaking the hedging transaction. The Corporation formally assesses, both at inception and on an ongoing basis, whether the changes in fair value of the foreign currency long-term debt is highly effective in offsetting changes in fair value of the net investment in the foreign operations. The portion of gains or losses on the hedging item determined to be an effective hedge is recognized in other comprehensive income, net of tax, and is limited to the translation gain or loss on the net investment, while ineffective portions are recorded through net earnings. A reduction in the fair value of the net investment in the foreign operations or increase in the foreign currency long-term debt balance may result in a portion of the hedge becoming ineffective. If the hedging relationship ceases to be effective or is terminated, hedge accounting is not applied to subsequent gains or losses. The amounts recognized in other comprehensive income are reclassified to net earnings and the corresponding exchange gains or losses arising from the translation of the foreign operation are recorded through net earnings upon dissolution or substantial dissolution of the foreign operation.
Leases	(q) Leases At inception, Precision assesses whether its contracts contain a lease. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of whether a contract conveys the right to control the use of an identified asset considers whether: ☐ the contract involves the use of an identified asset and the substantive substitution rights of the supplier. If the supplier has a substantive substitution right, then the asset is not identified; ☐ the lessee’s right to obtain substantially all of the economic benefits from the use of the asset; and ☐ the lessee’s right to direct the use of the asset, including decision-making to change how and for what purpose the asset is used. At inception or on reassessment of a contract that contains a lease component, Precision allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Leases in which Precision is a lessee Precision recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease obligation is initially measured at the present value of the minimum lease payments not paid at commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Precision’s incremental borrowing rate. Generally, Precision uses its incremental borrowing rate as the discount rate for those leases in which it is the lessee. Lease payments included in the measurement of the lease obligation comprise the following: ☐ fixed payments, including in-substance ☐ variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ☐ amounts expected to be payable under a residual value guarantee; and ☐ the exercise price under a purchase option that Precision is reasonably certain to exercise, lease payments in an optional renewal period if Precision is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless Precision is reasonably certain not to terminate early. The lease obligation is measured at amortized cost using the effective interest method. The measurement of lease obligations require the use of certain estimates and assumptions including discount rates, exercise of lease term extension options, and escalating lease rates. It is remeasured when there is a change in: ☐ future lease payments arising from a change in an index or rate; ☐ the estimated amount expected to be payable under a residual value guarantee; or ☐ the assessment of whether Precision will exercise a purchase, extension or termination option. When the lease obligation is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use Leases in which Precision is a lessor When Precision acts as a lessor, at inception, Precision evaluates the classification as either a finance or operating lease. To classify each lease, Precision makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. When acting as a sub-lessor, sub-lease sub-lease right-of-use sub-lease If an arrangement contains lease and non-lease
Government Assistance and Grants	(r) Government Assistance and Grants Precision may receive government grants in the form of transfers of resources in return for past or future compliance with certain conditions relating to operating activities. Government grants are recognized once there is reasonable assurance that Precision will comply with the attached conditions and grants will be received. Government grants are recognized in net earnings on a systematic basis over the periods in which Precision recognizes expenses related to costs for which the grants are intended to compensate.
Critical Accounting Assumptions and Estimates	(s) Critical Accounting Assumptions and Estimates i) Impairment of Long-Lived Assets At each reporting date, the Corporation reviews the carrying amount of assets in each CGU to determine whether an indicator of impairment exists. The Corporation’s analysis is based on relevant internal and external factors that indicate a CGU may be impaired such as the obsolescence or planned disposal of significant assets, financial performance of the CGU compared to forecasts and consideration of the Corporation’s market capitalization. When indications of impairment exist within a CGU, a recoverable amount is determined and requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated adjusted earnings before interest, taxes, depreciation and amortization associated with the CGU and the discount rate used to present value the estimated cash flows. In selecting a discount rate, the Corporation uses observable market data inputs to develop a rate that the Corporation believes approximates the discount rate of market participants. Although the Corporation believes the assumptions and estimates are reasonable and consistent with current conditions, internal planning, and expected future operations, such assumptions and estimations are subject to significant uncertainty and judgement. ii) Income Taxes Significant estimation and assumptions are required in determining the provision for income taxes. The recognition of deferred tax assets in respect of deductible temporary differences and unused tax losses and credits is based on the Corporation’s estimation of future taxable profit against which these differences, losses and credits may be used. The assessment is based upon existing tax laws and estimates of the Corporation’s future taxable income. These estimates may be materially different from the actual final tax return in future periods.
Accounting Standards Implemented in 2021	(t) Accounting Standards Adopted in 2021 i) Simplification of Financial Disclosures about Guarantors On January 1, 2021, the Corporation adopted the Securities and Exchange Commission’s amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities, as specified in Rule 3-10 S-X. non-financial
Accounting Standards, Interpretations and Amendments to Existing Standards not yet Effective	(u) Accounting Standards and Amendments not yet Effective The IASB has issued a number of new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2021. Accordingly, these new standards and amendments were not applied when preparing these consolidated financial statements. For each standard, Precision has assessed or is in the process of assessing the impact these new standards and amendments will have on its consolidated financial statements. Standards and Amendments Effective for periods beginning on or after Impact to Precision Drilling Corporation Annual improvements to IFRS Standards 2018–2020 January 1, 2022 Not material Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) January 1, 2022 Review in-progress Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37) January 1, 2022 Review in-progress IFRS 17 Insurance Contracts January 1, 2023 Not material Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 Review in-progress Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 Review in-progress Disclosure of Accounting Policies (Amendments of IAS 1) January 1, 2023 Review in-progress Classification of liabilities as current or non-current January 1, 2023 Review in-progress

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Significant Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment Depreciation	Property, plant, and equipment are depreciated as follows: Expected Life Salvage Value Basis of Depreciation Drilling rig equipment: – Power & Tubulars 5 years – straight-line – Dynamic 10 years – straight-line – Structural 20 years 10% straight-line Service rig equipment 20 years 10% straight-line Drilling rig spare equipment up to 15 years – straight-line Service rig spare equipment up to 15 years – straight-line Rental equipment up to 15 years 0 to 25% straight-line Other equipment 3 to 10 years – straight-line Light duty vehicles 4 years – straight-line Heavy duty vehicles 7 to 10 years – straight-line Buildings 10 to 20 years – straight-line

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Revenue Explanatory [Abstract]
Summary of Reconciliation of Disaggregated Revenue by Reportable Segment	The following table includes a reconciliation of disaggregated revenue by reportable segment (Note 6). Revenue has been disaggregated by primary geographical market and type of service provided. Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 385,330 $ 12,700 $ — $(6) $ 398,024 Canada 347,562 100,788 — (4,578) 443,772 International 145,051 — — — 145,051 $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 Day rate/hourly services $ 845,832 $ 113,488 $ — $ (462) $ 958,858 Shortfall payments/idle but contracted 543 — — — 543 Turnkey drilling services 17,086 — — — 17,086 Directional services (1) 7,871 — — — 7,871 Other 6,611 — — (4,122) 2,489 $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 (1) Directional drilling disposed in the third quarter of 2021. Year ended December 31, 2020 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 427,436 $ 16,630 $ — $ (14) $ 444,052 Canada 247,678 60,621 — (2,686) 305,613 International 186,088 — — — 186,088 $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753 Day rate/hourly services $ 779,772 $ 77,251 $ — $ (393) $ 856,630 Shortfall payments/idle but contracted 51,028 — — — 51,028 Turnkey drilling services 14,134 — — — 14,134 Directional services 9,637 — — — 9,637 Other 6,631 — — (2,307) 4,324 $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [abstract]
Summary of Operating Segments	The Corporation operates primarily in Canada, the United States and certain international locations, in two industry segments; Contract Drilling Services and Completion and Production Services. Contract Drilling Services includes drilling rigs, directional drilling (disposed in the third quarter of 2021), procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment. Completion and Production Services includes service rigs, oilfield equipment rental, and camp and catering services. Year ended December 31, 2021 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 877,943 $ 113,488 $ — $ (4,584) $ 986,847 Operating earnings (loss) (16,867) 8,927 (73,098) — (81,038) Depreciation and amortization 256,072 15,405 10,849 — 282,326 Gain on asset disposals (7,673) (525) (318) — (8,516) Total assets 2,392,382 127,233 142,137 — 2,661,752 Capital expenditures 70,998 4,452 491 — 75,941 Year ended December 31, 2020 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 861,202 $ 77,251 $ — $ (2,700) $ 935,753 Operating earnings (loss) 22,207 (3,671) (59,524) — (40,988) Depreciation and amortization 288,389 16,375 11,558 — 316,322 Gain on asset disposals (10,171) (1,447) (313) — (11,931) Total assets 2,571,397 132,771 194,710 — 2,898,878 Capital expenditures 57,741 3,362 489 — 61,592
Summary of Operating Segments by Geographic Locations	The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2021 United States Canada International Total Revenue $ 398,024 $ 443,772 $ 145,051 $ 986,847 Total assets 1,247,173 959,163 455,416 2,661,752 Precision Drilling Corporation 2021 Annual Report 17 Year ended December 31, 2020 United States Canada International Total Revenue $ 444,052 $ 305,613 $ 186,088 $ 935,753 Total assets 1,339,945 1,053,921 505,012 2,898,878
Summary of Detailed Information About Reconciliation of Operating Loss to Net Loss Explanatory	A reconciliation of operating loss to net loss is as follows: 2021 2020 Operating earnings (loss) $ (81,038) $ (40,988) Deduct: Foreign exchange 393 4,542 Finance charges 91,431 107,468 Loss on investments and other assets 400 — Loss (gain) on redemption and repurchase of unsecured senior notes 9,520 (43,814) Income taxes (5,396) 10,954 Net loss $ (177,386) $ (120,138)

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	2021 2020 Cost $ 6,503,721 $ 6,563,206 Accumulated depreciation (4,245,330 ) (4,090,523 ) $ 2,258,391 $ 2,472,683 Rig equipment 2,074,185 2,269,794 Rental equipment 20,597 27,359 Other equipment 17,088 27,318 Vehicles 3,204 4,978 Buildings 44,009 49,451 Assets under construction 67,884 60,572 Land 31,424 33,211 $ 2,258,391 $ 2,472,683 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2019 $ 6,109,383 $ 110,307 $ 185,319 $ 38,506 $ 126,177 $ 67,740 $ 33,547 $ 6,670,979 Additions 10,375 — 350 — — 50,810 — 61,535 Disposals (78,028 ) (4,664 ) (3,990 ) (2,789 ) (3,053 ) — — (92,524 ) Reclassifications 55,322 — 521 — — (55,843 ) — — Effect of foreign currency exchange differences (71,285 ) (619 ) (1,196 ) (367 ) (846 ) (2,135 ) (336 ) (76,784 ) Balance, December 31, 2020 6,025,767 105,024 181,004 35,350 122,278 60,572 33,211 6,563,206 Additions 15,288 — 254 — — 60,399 — 75,941 Disposals (100,004 ) (1,822 ) (2,300 ) (543 ) (2,454 ) — (1,674 ) (108,797 ) Reclassifications 47,080 — 188 — — (47,268 ) — — Effect of foreign currency exchange differences (19,815 ) (21 ) (429 ) (127 ) (305 ) (5,819 ) (113 ) (26,629 ) Balance, December 31, 2021 $ 5,968,316 $ 103,181 $ 178,717 $ 34,680 $ 119,519 $ 67,884 $ 31,424 $ 6,503,721 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total Balance, December 31, 2019 $ 3,598,878 $ 75,870 $ 146,715 $ 30,710 $ 69,343 $ — $ — $ 3,921,516 Depreciation expense 277,799 7,044 12,013 2,790 5,288 — — 304,934 Disposals (73,354 ) (4,631 ) (3,990 ) (2,782 ) (1,319 ) — — (86,076 ) Effect of foreign currency exchange differences (47,350 ) (618 ) (1,052 ) (346 ) (485 ) — — (49,851 ) Balance, December 31, 2020 3,755,973 77,665 153,686 30,372 72,827 — — 4,090,523 Depreciation expense 248,564 6,741 10,410 1,739 4,582 — — 272,036 Disposals (95,977 ) (1,804 ) (2,194 ) (543 ) (1,769 ) — — (102,287 ) Effect of foreign currency exchange differences (14,429 ) (18 ) (273 ) (92 ) (130 ) — — (14,942 ) Balance, December 31, 2021 $ 3,894,131 $ 82,584 $ 161,629 $ 31,476 $ 75,510 $ — $ — $ 4,245,330

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Schedule of Intangibles	2021 2020 Cost $ 55,108 $ 54,189 Accumulated amortization (31,193 ) (26,523 ) $ 23,915 $ 27,666 Loan commitment fees related to Senior Credit Facility $ 2,067 $ 2,109 Software 21,848 25,557 $ 23,915 $ 27,666 Cost Loan Commitment Fees Software Total Balance, December 31, 2019 $ 15,478 $ 37,938 $ 53,416 Additions 690 57 747 Effect of foreign currency exchange differences — 26 26 Balance, December 31, 2020 16,168 38,021 54,189 Additions 913 — 913 Effect of foreign currency exchange differences — 6 6 Balance, December 31, 2021 $ 17,081 $ 38,027 $ 55,108 Accumulated Amortization Loan Commitment Fees Software Total Balance, December 31, 2019 $ 13,206 $ 8,464 $ 21,670 Amortization expense 853 3,971 4,824 Effect of foreign currency exchange differences — 29 29 Balance, December 31, 2020 14,059 12,464 26,523 Amortization expense 955 3,715 4,670 Balance, December 31, 2021 $ 15,014 $ 16,179 $ 31,193

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	2021 2020 2021 2020 U.S. Denominated Facilities Canadian Facilities and Translated U.S. Facilities Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ — U.S. Real Estate Credit Facility 704 704 890 896 US$ 704 US$ 704 $ 2,223 $ 896 Long-Term Debt Senior Credit Facility US$ 118,000 US$ 74,650 $ 149,206 $ 95,041 Canadian Real Estate Credit Facility — — 17,667 — U.S. Real Estate Credit Facility 9,093 9,797 11,498 12,474 Unsecured Senior Notes: 7.75% senior notes due 2023 — 285,734 — 363,782 5.25% senior notes due 2024 — 263,205 — 335,099 7.125% senior notes due 2026 347,765 347,765 439,735 442,757 6.875% senior notes due 2029 400,000 — 505,784 — US$ 874,858 US$ 981,151 1,123,890 1,249,153 Less net unamortized debt issue costs (17,096 ) (12,943 ) $ 1,106,794 $ 1,236,210 Senior Facility Unsecured Senior Canadian U.S. Real Debt Issue Total Balance December 31, 2019 $ — $ 1,445,127 $ — $ — $ (17,946 ) $ 1,427,181 Changes from financing cash flows: Redemption / repurchase of unsecured senior notes — (240,793 ) — — — (240,793 ) Repayment of long-term debt (37,243 ) — — (76 ) — (37,319 ) Proceeds from Senior Credit Facility 137,255 — — — — 137,255 Proceeds from Real Estate Credit Facility — — — 13,811 — 13,811 Payment — — — — (354 ) (354 ) Non-cash Gain on redemption / repurchase of unsecured senior notes — (43,814 ) — — — (43,814 ) Amortization of debt issue costs — — — — 5,350 5,350 Foreign exchange adjustment (4,971 ) (18,882 ) — (365 ) 7 (24,211 ) Balance December 31, 2020 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Current — — — 896 — 896 Long-term 95,041 1,141,638 — 12,474 (12,943 ) 1,236,210 Balance December 31, 202 0 $ 95,041 $ 1,141,638 $ — $ 13,370 $ (12,943 ) $ 1,237,106 Changes from financing cash flows: Proceeds from unsecured senior notes — 482,064 — — — 482,064 Proceeds from Senior Credit Facility 194,277 — — — — 194,277 Proceeds from Real Estate Credit Facility — — 20,000 — — 20,000 Repayment of unsecured senior notes — (676,058 ) — — — (676,058 ) Repayment of Senior Credit Facility (146,930 ) — — — — (146,930 ) Repayment of Real Estate Credit Facility — — (1,000 ) (883 ) — (1,883 ) Payment of debt issue costs — — — — (9,450 ) (9,450 ) Non-cash Loss on redemption / repurchase of unsecured senior notes — 9,520 — — — 9,520 Amortization of debt issue costs — — — — 8,720 8,720 Original issue discount — 3,628 — — (3,427 ) 201 Foreign exchange adjustment 6,818 (15,273 ) — (99 ) 4 (8,550 ) Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017 Current — — 1,333 890 — 2,223 Long-term 149,206 945,519 17,667 11,498 (17,096 ) 1,106,794 Balance December 31, 2021 $ 149,206 $ 945,519 $ 19,000 $ 12,388 $ (17,096 ) $ 1,109,017
Long-Term Debt Obligations	Precision’s current and long-term debt obligations at December 31, 2021 will mature as follows: 2022 $ 2,223 2023 2,223 2024 2,223 2025 160,257 Thereafter 959,187 $ 1,126,113
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants	At December 31, 2021, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2021 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.97 Consolidated covenant EBITDA to consolidated interest expense ≥ 2.83 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 2.83 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 2.06 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Finance Charges (Tables)

Finance Charges (Tables)	12 Months Ended
	Dec. 31, 2021
Finance Costs [Abstract]
Summary of Finance Charges	2021 2020 Interest: Long-term debt $ 78,921 $ 98,555 Lease obligations 2,764 3,217 Other 80 232 Income (210 ) (739 ) Amortization of debt issue costs 9,876 6,203 Finance charges $ 91,431 $ 107,468

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Leases [Abstract]
Summary of Right-of-Use-Assets	Precision recognizes right-of-use Real Estate Vehicles and Total Balance, December 31, 2019 $ 54,026 $ 12,116 $ 66,142 Additions 136 3,031 3,167 Derecognition — (2,597 ) (2,597 ) Depreciation (3,900 ) (3,517 ) (7,417 ) Lease remeasurements (6,233 ) 2,602 (3,631 ) Effect of foreign currency exchange differences (340 ) (156 ) (496 ) Balance, December 31, 2020 $ 43,689 $ 11,479 $ 55,168 Additions 514 3,029 3,543 Derecognition — (480 ) (480 ) Depreciation (3,566 ) (3,009 ) (6,575 ) Effect of foreign currency exchange differences (174 ) (42 ) (216 ) Balance, December 31, 2021 $ 40,463 $ 10,977 $ 51,440
Expected Non-cancellable Undiscounted Operating Lease Payments	Expected non-cancellable 2021 2020 Less than one year $ 10,782 $ 10,960 One to five years 29,327 29,630 More than five years 2,391 6,590 $ 42,500 $ 47,180
Summary of Maturity Analysis of Lease Payments	The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received subsequent to December 31, 2021. Less than one year $ 198,188 One to five years 61,860 $ 260,048

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Disclosure of Liability Classified Plans	Liability Classified Plans Restricted Share Units Performance Share Units Executive Non- Management Directors’ Total Balance, December 31, 2019 $ 7,318 $ 2,858 $ — $ 3,336 $ 13,512 Expensed during the period 3,119 2,787 — (1,551 ) 4,355 Reclassification from equity-settled plans — — 6,833 — 6,833 Payments (3,813 ) (894 ) — (176 ) (4,883 ) Balance, December 31, 2020 6,624 4,751 6,833 1,609 19,817 Expensed during the period 17,168 18,634 17,646 3,065 56,513 Reclassification from equity-settled plans — — (3,164 ) — (3,164 ) Payments (5,742 ) (1,861 ) (4,808 ) — (12,411 ) Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755 Current 11,338 6,182 16,507 — 34,027 Long-term 6,712 15,342 — 4,674 26,728 Balance, December 31, 2021 $ 18,050 $ 21,524 $ 16,507 $ 4,674 $ 60,755
Summary of Shares Outstanding Under Share Based Incentive Plans	A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below: RSUs Outstanding PSUs Outstanding December 31, 2019 316,904 166,768 Granted 363,253 502,558 Redeemed (127,884 ) (39,028 ) Forfeited (67,491 ) (64,919 ) December 31, 2020 484,782 565,379 Granted 356,928 488,510 Redeemed (216,820 ) (40,515 ) Forfeited (26,734 ) (29,640 ) December 31, 2021 598,156 983,734
Summary of Status of Equity Incentive Plan	A summary of the status of the equity incentive plan is presented below: Canadian Share Options Options Outstanding Range of Exercise Prices Weighted Average Exercise Price Options Exercisable December 31, 2019 201,079 $ 87.00 – 286.20 145.88 178,453 Forfeited (52,414 ) 87.00 – 203.00 165.79 December 31, 2020 148,665 87.00 – 286.20 138.86 141,156 Forfeited (33,060 ) 89.20 – 286.20 193.10 December 31, 2021 115,605 $ 87.00 – 146.40 $ 123.35 115,605 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable December 31, 2019 318,153 $ 51.20 – 183.60 $ 93.32 217,441 Forfeited (34,360 ) 64.20 – 183.60 151.92 December 31, 2020 283,793 51.20 – 183.60 86.23 239,521 Forfeited (15,950 ) 183.60 – 183.60 183.60 December 31, 2021 267,843 $ 51.20 – 115.80 $ 80.43 257,854
Range of Exercise Prices for Options Outstanding	Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 87.00 – 117.59 45,590 $ 88.11 2.14 45,590 $ 88.11 117.60 – 146.19 17,035 145.97 2.13 17,035 145.97 146.20 – 146.40 52,980 146.40 0.11 52,980 146.40 $ 87.00 – 146.40 115,605 $ 123.35 1.21 115,605 $ 123.35
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Summary of Shares Outstanding Under Share Based Incentive Plans	A summary of the DSUs outstanding under this share-based incentive plan is presented below: Deferred Share Units Outstanding Balance December 31, 2019 89,613 Redeemed (12,039 ) Balance December 31, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591
Deferred Share Units (DSUs) [Member] | Equity-Settled Plans [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Summary of Shares Outstanding Under Share Based Incentive Plans	A summary of this share-based incentive plan is presented below: Deferred Share Units Outstanding December 31, 2019 4,659 Redeemed (3,189 ) December 31, 2020 and 2021 1,470
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Summary of Shares Outstanding Under Share Based Incentive Plans	A summary of the activity under this share-based incentive plan is presented below: Executive Performance Share Units Outstanding December 31, 2019 368,845 Redeemed (57,442 ) Forfeited (22,696 ) December 31, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Net deferred tax assets and liabilities [abstract]
Schedule of Provision for Income Taxes	The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates. A reconciliation of the difference for the years ended December 31, is as follows: 2021 2020 Loss before income taxes $ (182,782 ) $ (109,184 ) Federal and provincial statutory rates 24 % 25 % Tax at statutory rates $ (43,868 ) $ (27,296 ) Adjusted for the effect of: Non-deductible 1,162 628 Non-taxable (257 ) (6,184 ) Impact of foreign tax rates (1,474 ) (238 ) Withholding taxes 937 813 Taxes related to prior years (1,467 ) (1,531 ) Tax assets not recognized 37,924 44,112 Other 1,647 650 Income tax expense (recovery) $ (5,396 ) $ 10,954
Summary of Net Deferred Tax Liability	The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2021 2020 Deferred tax liability: Property, plant and equipment and intangibles $ 359,383 $ 393,631 Debt issue costs 1,457 2,665 Partnership deferrals 11,082 2,532 Other 6,221 6,322 378,143 405,150 Offsetting of assets and liabilities (365,924 ) (383,914 ) $ 12,219 $ 21,236 Deferred tax assets: Losses (expire from time to time up to 204 1 $ 340,406 $ 370,439 Long-term incentive plan 14,264 4,956 Other 12,121 9,617 366,791 385,012 Offsetting of assets and liabilities (365,924 ) (383,914 ) $ 867 $ 1,098 Net deferred tax liability $ 11,352 $ 20,138
Summary of Movement in Temporary Differences of Deferred Tax Liabilities	Property, Partnership Other Losses Debt Issue Costs Long-Term Incentive Plan Other Deferred Tax Assets Net Deferred Tax Liability Balance, December 31, 2019 $ 426,934 $ 850 $ 7,926 $ (402,025 ) $ 3,280 $ (6,131 ) $ (10,169 ) $ 20,665 Recognized in net earnings (loss) (28,600 ) 1,682 (1,601 ) 33,141 (615 ) 1,120 537 5,664 Recognized in other comprehensive income — — — (5,398 ) — — — (5,398 ) Effect of foreign currency exchange (4,703 ) — (3 ) 3,843 — 55 15 (793 ) Balance, December 31, 2020 $ 393,631 $ 2,532 $ 6,322 $ (370,439 ) $ 2,665 $ (4,956 ) $ (9,617 ) $ 20,138 Recognized in net earnings (loss) (32,562 ) 8,550 (99 ) 28,528 (1,208 ) (9,291 ) (2,517 ) (8,599 ) Effect of foreign currency exchange (1,686 ) — (2 ) 1,505 — (17 ) 13 (187 ) Balance, December 31, 2021 $ 359,383 $ 11,082 $ 6,221 $ (340,406 ) $ 1,457 $ (14,264 ) $ (12,121 ) $ 11,352
Summary of Deferred Tax Asset Not Recognized	Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2021 2020 Tax losses (Capital) $ 29,363 $ 29,809 Tax losses (Income) 96,671 72,516 Deductible temporary differences 4,153 2,020 Total $ 130,187 $ 104,345

Provisions and Other (Tables)

Provisions and Other (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of other provisions [abstract]
Disclosure of Provisions and Other	Workers’ Compensation Balance December 31, 2019 $ 11,866 Recovered during the year (750 ) Payment of deductibles and uninsured claims (2,698 ) Effects of foreign currency exchange differences (110 ) Balance December 31, 2020 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Effects of foreign currency exchange differences (71 ) Balance December 31, 2021 $ 8,718 2021 2020 Current $ 2,205 $ 745 Long-term 6,513 7,563 $ 8,718 $ 8,308

Shareholders' Capital (Tables)

Shareholders' Capital (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Schedule of Issued Capital	Common shares Number Amount Balance, December 31, 2019 13,864,990 $ 2,296,378 Share repurchase (420,588 ) (11,317 ) Share issuance on redemption of non-management 15,228 677 Share consolidation adjustment (37 ) — Balance, December 31, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444

Per Share Amounts (Tables)

Per Share Amounts (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Per Share Amounts	The following tables reconcile the net loss and weighted average shares outstanding used in computing basic and diluted loss per share: 2021 2020 Net loss – basic and diluted $ (177,386 ) $ (120,138 ) (Stated in thousands) 2021 2020 Weighted average shares outstanding – basic 13,315 13,722 Effect of share option and other equity compensation plans — — Weighted average shares outstanding – diluted 13,315 13,722

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block1 [Abstract]
Summary of Accumulated Other Comprehensive Income	Unrealized Foreign Currency Translation Gains (Losses) Foreign Exchange Gain (Loss) on Net Investment Hedge Tax Benefit Related to Net Investment Hedge of Long-Term Debt Accumulated Other Comprehensive Income December 31, 2019 $ 509,582 $ (375,327 ) $ — $ 134,255 Other comprehensive income (loss) (25,925 ) 23,853 5,398 3,326 December 31, 2020 483,657 (351,474 ) 5,398 137,581 Other comprehensive income (loss) (11,256 ) 8,455 — (2,801 ) December 31, 2021 $ 472,401 $ (343,019 ) $ 5,398 $ 134,780

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related party transactions [abstract]
Compensation of Key Management Personnel	The remuneration of key management personnel is as follows: 2021 2020 Salaries and other benefits $ 6,591 $ 10,031 Equity-settled share-based compensation 5,554 9,148 Cash-settled share-based compensation 18,741 419 $ 30,886 $ 19,598

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Summary of Expected Credit Loss Allowance	The movement in the expected credit loss allowance during the year was as follows: 2021 2020 Balance, January 1, $ 862 $ 929 Impairment loss recognized 29 812 Amounts written-off (70 ) (479 ) Impairment loss reversed (231 ) (396 ) Effect of movement in exchange rates (5 ) (4 ) Balance, December 31, $ 585 $ 862
Summary of Ageing of Trade Receivables	The ageing of trade receivables at December 31 was as follows: 2021 2020 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 117,618 $ 1 $ 66,191 $ 1 Past due 0 – 30 days 27,235 5 35,060 8 Past due 31 – 120 days 8,524 474 11,649 26 Past due more than 120 days 105 105 1,895 827 $ 153,482 $ 585 $ 114,795 $ 862
Summary of Financial Instruments were Denominated in U S Dollars	The following financial instruments were denominated in U.S. dollars: 2021 2020 Canadian Foreign Canadian Foreign Cash US $ 2,398 US $ 17,382 US $ 35,257 US $ 26,057 Accounts receivable 14 115,614 — 98,298 Accounts payable and accrued liabilities (29,427 ) (81,971 ) (18,727 ) (59,704 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,781 ) — (16,197 ) Net foreign currency exposure US $ (27,015 ) US $ 36,244 US $ 16,530 US $ 48,454 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (270 ) $ — $ 165 $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 362 $ — $ 485 (1) Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.
Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments	The following are the contractual maturities of the Corporation’s financial liabilities and other contractual commitments as at December 31, 2021: 2022 2023 2024 2025 2026 Thereafter Total Accounts payable and accrued liabilities $ 224,123 $ — $ — $ — $ — $ — $ 224,123 Share-based compensation 18,414 24,331 24,742 — — — 67,487 Long-term debt 2,223 2,223 2,223 160,257 453,403 505,784 1,126,113 Interest on long-term debt (1) 72,147 72,071 71,996 69,433 36,196 70,995 392,838 Commitments 53,030 69,631 44,068 5,688 4,823 2,391 179,631 Total $ 369,937 $ 168,256 $ 143,029 $ 235,378 $ 494,422 $ 579,170 $ 1,990,192 (1) Excludes amortization of long-term debt issue costs.

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2021
Capital Management [Abstract]
Summary of Capitalisation and Ratio	As at December 31, 2021 and 2020, these ratios were as follows: 2021 2020 Long-term debt $ 1,106,794 $ 1,236,210 Shareholders’ equity 1,225,555 1,406,640 Total capitalization $ 2,332,349 $ 2,642,850 Long-term debt to long-term debt plus equity ratio 0.47 0.47

Supplemental Information (Table

Supplemental Information (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Supplemental Information [Abstract]
Components of Changes in Non-cash Working Capital Balances	Components of changes in non-cash 2021 2020 Accounts receivable $ (50,255 ) $ 103,857 Inventory 1,993 5,181 Accounts payable and accrued liabilities 44,986 (53,666 ) $ (3,276 ) $ 55,372 Pertaining to: Operations $ (13,018 ) $ 55,391 Investments 9,742 (19 )
Components of Accounts Receivable	The components of accounts receivable were as follows: 2021 2020 Trade $ 152,897 $ 113,933 Accrued trade 26,731 16,769 Prepaids and other 76,112 76,507 $ 255,740 $ 207,209
Components of Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities were as follows: 2021 2020 Accounts payable $ 90,750 $ 56,922 Accrued liabilities: Payroll 68,953 44,533 Other 64,420 49,502 $ 224,123 $ 150,957
Summary of Operating and General and Administrative Expenses	The following table presents operating and general and administrative expenses by nature: 2021 2020 Wages, salaries and benefits $ 482,695 $ 438,209 Wage subsidies (24,108 ) (26,297 ) Purchased materials, supplies and services 278,743 240,591 Share-based compensation 56,745 19,847 $ 794,075 $ 672,350 Allocated to: Operating expense $ 698,144 $ 583,420 General and administrative 95,931 70,869 Restructuring — 18,061 $ 794,075 $ 672,350

Long-Term Debt Guarantors (Tabl

Long-Term Debt Guarantors (Tables)	12 Months Ended
	Dec. 31, 2021
Long Term Debt Guarantor Disclosure [Abstract]
Condensed Consolidated Statement of Financial Position	Statements of Financial Position Parent and Guarantor Subsidiaries 2021 2020 Assets Current assets $ 219,013 $ 227,265 Property, plant and equipment 1,909,951 2,085,460 Other non-current 79,033 79,104 Parent and Guarantor Subsidiaries 2021 2020 Liabilities Current liabilities $ 200,784 $ 123,472 Long-term debt 1,106,794 1,236,210 Other non-current 87,411 86,303 Excluded from the statements of loss and statements of financial position above are the following intercompany transactions and balances that the Obligor Group had with the non-guarantor Parent and Guarantor Subsidiaries 2021 2020 Assets Accounts receivable, intercompany $ 34,373 $ 35,500 Short-term advances to affiliates 11,686 13,359 Parent and Guarantor Subsidiaries 2021 2020 Liabilities Accounts payable and accrued liabilities, intercompany $ 33,820 $ 25,374 Long-term advances from affiliates 128,606 89,830
Condensed Consolidated Statement of Net Earnings (Loss)	Statements of Loss Parent and Guarantor Subsidiaries 2021 2020 Revenue $ 844,619 $ 752,794 Expenses 690,149 548,991 Earnings before income taxes, loss (gain) on redemption and repurchase of unsecured senior notes, loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 154,470 203,803 Net loss (171,030 ) (144,086 )

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
Summary of Subsidiaries	Ownership Interest Country of Incorporation 2021 2020 Precision Limited Partnership Canada 100 % 100 % Precision Drilling Canada Limited Partnership Canada 100 % 100 % Precision Diversified Oilfield Services Corp. Canada 100 % 100 % Precision Drilling (US) Corporation United States 100 % 100 % Precision Drilling Holdings Company United States 100 % 100 % Precision Drilling Company LP United States 100 % 100 % Precision Completion & Production Services Ltd. United States 100 % 100 % Grey Wolf Drilling Limited Barbados 100 % 100 % Grey Wolf Drilling (Barbados) Ltd. Barbados 100 % 100 %

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Significant Accounting Policies [Line Items]
Cash original maturity	three months or less
Top of Range [Member] | Software [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Expected useful life of intangible asset	10 years

Summary of Property, Plant, and

Summary of Property, Plant, and Equipment Expected Life Salvage Value and Basis of Depreciation (Detail)	12 Months Ended
	Dec. 31, 2021
Drilling Rig Power and Tubulars Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	5 years
Basis of Depreciation	straight-line
Drilling Rig Dynamic Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	10 years
Basis of Depreciation	straight-line
Drilling Rig Structural Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	20 years
Salvage Value	10.00%
Basis of Depreciation	straight-line
Service Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	20 years
Salvage Value	10.00%
Basis of Depreciation	straight-line
Drilling Rig Spare Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Service Rig Spare Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	up to 15 years
Basis of Depreciation	straight-line
Rental Equipment [Member] | Top of Range [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Salvage Value	25.00%
Rental Equipment [Member] | Bottom Of Range [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Salvage Value	0.00%
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	3 to 10 years
Basis of Depreciation	straight-line
Light Duty Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	4 years
Basis of Depreciation	straight-line
Heavy Duty Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	7 to 10 years
Basis of Depreciation	straight-line
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Expected Life	10 to 20 years
Basis of Depreciation	straight-line

Summary of Reconciliation of Di

Summary of Reconciliation of Disaggregated Revenue by Primary Geographical Market (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 986,847	$ 935,753
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	877,943	861,202
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	113,488	77,251
Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(4,584)	(2,700)
Canada [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	443,772	305,613
Canada [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	347,562	247,678
Canada [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	100,788	60,621
Canada [Member] | Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(4,578)	(2,686)
United States [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	398,024	444,052
United States [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	385,330	427,436
United States [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	12,700	16,630
United States [Member] | Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(6)	(14)
International [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	145,051	186,088
International [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 145,051	$ 186,088

Summary of Reconciliation of _2

Summary of Reconciliation of Disaggregated Revenue by Type of Service Provided (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 986,847		$ 935,753
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	877,943		861,202
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	113,488		77,251
Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(4,584)		(2,700)
Day Rate Or Hourly Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	958,858		856,630
Day Rate Or Hourly Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	845,832		779,772
Day Rate Or Hourly Services [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	113,488		77,251
Day Rate Or Hourly Services [Member] | Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(462)		(393)
Shortfall Payments Or Idle But Contracted [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	543		51,028
Shortfall Payments Or Idle But Contracted [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	543		51,028
Turnkey Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	17,086		14,134
Turnkey Drilling Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	17,086		14,134
Directional Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	7,871	[1]	9,637
Directional Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	7,871	[1]	9,637
Other [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	2,489		4,324
Other [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	6,611		6,631
Other [Member] | Inter- Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ (4,122)		$ (2,307)
[1]	Directional drilling disposed in the third quarter of 2021.

Segmented Information - Additio

Segmented Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021Segment
Disclosure of operating segments [abstract]
Number of operating segments	2

Summary of Operating Segments (

Summary of Operating Segments (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [Line Items]
Revenue	$ 986,847	$ 935,753
Operating earnings (loss)	(182,782)	(109,184)
Depreciation and amortization	282,326	316,322
Total assets	2,661,752	2,898,878
All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	986,847	935,753
Operating earnings (loss)	(81,038)	(40,988)
Depreciation and amortization	282,326	316,322
Gain on asset disposals	(8,516)	(11,931)
Total assets	2,661,752	2,898,878
Capital expenditures	75,941	61,592
Contract Drilling Services [Member]
Disclosure of operating segments [Line Items]
Revenue	877,943	861,202
Contract Drilling Services [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	877,943	861,202
Operating earnings (loss)	(16,867)	22,207
Depreciation and amortization	256,072	288,389
Gain on asset disposals	(7,673)	(10,171)
Total assets	2,392,382	2,571,397
Capital expenditures	70,998	57,741
Completion and Production Services [Member]
Disclosure of operating segments [Line Items]
Revenue	113,488	77,251
Completion and Production Services [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	113,488	77,251
Operating earnings (loss)	8,927	(3,671)
Depreciation and amortization	15,405	16,375
Gain on asset disposals	(525)	(1,447)
Total assets	127,233	132,771
Capital expenditures	4,452	3,362
Corporate and Other [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Operating earnings (loss)	(73,098)	(59,524)
Depreciation and amortization	10,849	11,558
Gain on asset disposals	(318)	(313)
Total assets	142,137	194,710
Capital expenditures	491	489
Inter- Segment Eliminations [Member]
Disclosure of operating segments [Line Items]
Revenue	(4,584)	(2,700)
Inter- Segment Eliminations [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	$ (4,584)	$ (2,700)

Summary of Detailed Information

Summary of Detailed Information About Reconciliation of Operating Loss to Net Loss Explanatory (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [abstract]
Operating earnings (loss)	$ (81,038)	$ (40,988)
Foreign exchange	393	4,542
Finance charges	91,431	107,468
Loss on investments and other assets	400	0
Loss (gain) on redemption and repurchase of unsecured senior notes	9,520	(43,814)
Income taxes	(5,396)	10,954
Net loss	$ (177,386)	$ (120,138)

Summary of Operating Segments b

Summary of Operating Segments by Geographic Locations (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [Line Items]
Revenue	$ 986,847	$ 935,753
Total assets	2,661,752	2,898,878
United States [Member]
Disclosure of geographical areas [Line Items]
Revenue	398,024	444,052
Total assets	1,247,173	1,339,945
Canada [Member]
Disclosure of geographical areas [Line Items]
Revenue	443,772	305,613
Total assets	959,163	1,053,921
International [Member]
Disclosure of geographical areas [Line Items]
Revenue	145,051	186,088
Total assets	$ 455,416	$ 505,012

Schedule of Property, Plant and

Schedule of Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ 2,258,391	$ 2,472,683
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	2,074,185	2,269,794
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	20,597	27,359
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	17,088	27,318
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	3,204	4,978
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	44,009	49,451
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	67,884	60,572
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	31,424	33,211
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	6,503,721	6,563,206	$ 6,670,979
Gross [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	5,968,316	6,025,767	6,109,383
Gross [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	103,181	105,024	110,307
Gross [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	178,717	181,004	185,319
Gross [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	34,680	35,350	38,506
Gross [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	119,519	122,278	126,177
Gross [Member] | Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	67,884	60,572	67,740
Gross [Member] | Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	31,424	33,211	33,547
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(4,245,330)	(4,090,523)	(3,921,516)
Accumulated Depreciation [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(3,894,131)	(3,755,973)	(3,598,878)
Accumulated Depreciation [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(82,584)	(77,665)	(75,870)
Accumulated Depreciation [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(161,629)	(153,686)	(146,715)
Accumulated Depreciation [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(31,476)	(30,372)	(30,710)
Accumulated Depreciation [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ (75,510)	$ (72,827)	$ (69,343)

Change in Property, Plant and E

Change in Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	$ 2,472,683
Ending Balance	2,258,391	$ 2,472,683
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	6,563,206	6,670,979
Additions	75,941	61,535
Disposals	(108,797)	(92,524)
Effect of foreign currency exchange differences	(26,629)	(76,784)
Ending Balance	6,503,721	6,563,206
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(4,090,523)	(3,921,516)
Depreciation expense	272,036	304,934
Disposals	102,287	86,076
Effect of foreign currency exchange differences	14,942	49,851
Ending Balance	(4,245,330)	(4,090,523)
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	2,269,794
Ending Balance	2,074,185	2,269,794
Rig Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	6,025,767	6,109,383
Additions	15,288	10,375
Disposals	(100,004)	(78,028)
Reclassifications	47,080	55,322
Effect of foreign currency exchange differences	(19,815)	(71,285)
Ending Balance	5,968,316	6,025,767
Rig Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(3,755,973)	(3,598,878)
Depreciation expense	248,564	277,799
Disposals	95,977	73,354
Effect of foreign currency exchange differences	14,429	47,350
Ending Balance	(3,894,131)	(3,755,973)
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	27,359
Ending Balance	20,597	27,359
Rental Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	105,024	110,307
Disposals	(1,822)	(4,664)
Effect of foreign currency exchange differences	(21)	(619)
Ending Balance	103,181	105,024
Rental Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(77,665)	(75,870)
Depreciation expense	6,741	7,044
Disposals	1,804	4,631
Effect of foreign currency exchange differences	18	618
Ending Balance	(82,584)	(77,665)
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	27,318
Ending Balance	17,088	27,318
Other Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	181,004	185,319
Additions	254	350
Disposals	(2,300)	(3,990)
Reclassifications	188	521
Effect of foreign currency exchange differences	(429)	(1,196)
Ending Balance	178,717	181,004
Other Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(153,686)	(146,715)
Depreciation expense	10,410	12,013
Disposals	2,194	3,990
Effect of foreign currency exchange differences	273	1,052
Ending Balance	(161,629)	(153,686)
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	4,978
Ending Balance	3,204	4,978
Vehicles [member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	35,350	38,506
Disposals	(543)	(2,789)
Effect of foreign currency exchange differences	(127)	(367)
Ending Balance	34,680	35,350
Vehicles [member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(30,372)	(30,710)
Depreciation expense	1,739	2,790
Disposals	543	2,782
Effect of foreign currency exchange differences	92	346
Ending Balance	(31,476)	(30,372)
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	49,451
Ending Balance	44,009	49,451
Buildings [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	122,278	126,177
Disposals	(2,454)	(3,053)
Effect of foreign currency exchange differences	(305)	(846)
Ending Balance	119,519	122,278
Buildings [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(72,827)	(69,343)
Depreciation expense	4,582	5,288
Disposals	1,769	1,319
Effect of foreign currency exchange differences	130	485
Ending Balance	(75,510)	(72,827)
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	60,572
Ending Balance	67,884	60,572
Assets Under Construction [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	60,572	67,740
Additions	60,399	50,810
Reclassifications	(47,268)	(55,843)
Effect of foreign currency exchange differences	(5,819)	(2,135)
Ending Balance	67,884	60,572
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	33,211
Ending Balance	31,424	33,211
Land [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	33,211	33,547
Disposals	(1,674)
Effect of foreign currency exchange differences	(113)	(336)
Ending Balance	$ 31,424	$ 33,211

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)shares$ / shares	Dec. 31, 2020CAD ($)
Disclosure of detailed information about property, plant and equipment [Line Items]
Gains on disposals of assets	$ 9	$ 12
Cathedral Energy Services Ltd [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Gains on disposals of assets	1
Purchase price	6
Cash Assistance For Growth And Expansion	$ 3
Issuance of common shares | shares	13,400,000
Number of share warrant issued | shares	2,000,000
Number of share warrant issued, per share | $ / shares	$ 0.60

Schedule of Intangibles (Detail

Schedule of Intangibles (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [Line Items]
Balance	$ 27,666
Loan commitment fees related to Senior Credit Facility	2,067	$ 2,109
Software	21,848	25,557
Balance	23,915	27,666
Gross [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	54,189	53,416
Balance	55,108	54,189
Additions	913	747
Effect of foreign currency exchange differences	6	26
Gross [Member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	16,168	15,478
Balance	17,081	16,168
Additions	913	690
Gross [Member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	38,021	37,938
Balance	38,027	38,021
Additions		57
Effect of foreign currency exchange differences	6	26
Accumulated Amortization [member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(26,523)	(21,670)
Balance	(31,193)	(26,523)
Effect of foreign currency exchange differences		(29)
Amortization expense	(4,670)	(4,824)
Accumulated Amortization [member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(14,059)	(13,206)
Balance	(15,014)	(14,059)
Amortization expense	(955)	(853)
Accumulated Amortization [member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(12,464)	(8,464)
Balance	(16,179)	(12,464)
Effect of foreign currency exchange differences		(29)
Amortization expense	$ (3,715)	$ (3,971)

Schedule of Long Term Borrowing

Schedule of Long Term Borrowings (Detail) $ in Thousands, $ in Thousands	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	$ 2,223	$ 704	$ 896	$ 704
Long-term debt, gross	1,123,890	874,858	1,249,153	981,151
Less net unamortized debt issue costs	(17,096)		(12,943)
Long-term debt	1,106,794		1,236,210
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	149,206	118,000	95,041	74,650
Canadian Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	1,333
Long-term debt, gross	17,667
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	890	704	896	704
Long-term debt, gross	11,498	9,093	12,474	9,797
7.75% Senior Notes Due 2023 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross			363,782	285,734
5.25% Senior Notes Due 2024 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross			335,099	263,205
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	439,735	347,765	$ 442,757	$ 347,765
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	$ 505,784	$ 400,000

Schedule of Long Term Borrowi_2

Schedule of Long Term Borrowings (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021
7.75% Senior Notes Due 2023 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	7.75%
Long term debt maturity year	December 15, 2023
5.25% Senior Notes Due 2024 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	5.25%
Long term debt maturity year	November 15, 2024
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	7.125%
Long term debt maturity year	January 15, 2026
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Long term debt interest rate	6.875%
Long term debt maturity year	January 15, 2029

Summary of Changes in Long Term

Summary of Changes in Long Term Borrowings (Detail) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)
Disclosure of long term debt [Line Items]
Beginning balance	$ 1,237,106		$ 1,427,181
Changes from financing cash flows:
Proceeds from unsecured senior notes	482,064
Proceeds From Senior Credit Facility	194,277		137,255
Proceeds from Real Estate Credit Facility	20,000		13,811
Redemption and repurchase of unsecured senior notes	(676,058)		(240,793)
Repayment Of Long Term Credit Facility			(37,319)
Repayment of Senior Credit Facility	(146,930)
Repayment of Real Estate Credit Facility	(1,883)
Debt issue costs	(9,450)		(354)
Loss (gain) on redemption and repurchase of unsecured senior notes	9,520		(43,814)
Amortization of debt issue costs	8,720		5,350
Original issue discount	201
Foreign exchange adjustment	(8,550)		(24,211)
Current	2,223		896
Long-term	1,106,794		1,236,210
Ending balance	1,109,017		1,237,106
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	95,041
Changes from financing cash flows:
Proceeds From Senior Credit Facility	194,277		137,255
Repayment Of Long Term Credit Facility			(37,243)
Repayment of Senior Credit Facility	(146,930)
Foreign exchange adjustment	6,818		(4,971)
Long-term	149,206		95,041
Ending balance	149,206		95,041
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Beginning balance	1,141,638		1,445,127
Changes from financing cash flows:
Proceeds from unsecured senior notes	482,064
Redemption and repurchase of unsecured senior notes	(676,058)		(240,793)
Loss (gain) on redemption and repurchase of unsecured senior notes	9,520		(43,814)
Original issue discount	3,628	$ 3
Foreign exchange adjustment	(15,273)		(18,882)
Long-term	945,519		1,141,638
Ending balance	945,519		1,141,638
Canadian Real Estate Credit Facility [Member]
Changes from financing cash flows:
Proceeds from Real Estate Credit Facility	20,000
Repayment of Real Estate Credit Facility	(1,000)
Current	1,333
Long-term	17,667
Ending balance	19,000
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	13,370
Changes from financing cash flows:
Proceeds from Real Estate Credit Facility			13,811
Repayment Of Long Term Credit Facility			(76)
Repayment of Real Estate Credit Facility	(883)
Foreign exchange adjustment	(99)		(365)
Current	890		896
Long-term	11,498		12,474
Ending balance	12,388		13,370
Debt Issue Costs and Original Issue Discount [Member]
Disclosure of long term debt [Line Items]
Beginning balance	(12,943)		(17,946)
Changes from financing cash flows:
Debt issue costs	(9,450)		(354)
Amortization of debt issue costs	8,720		5,350
Original issue discount	(3,427)
Foreign exchange adjustment	4		7
Long-term	(17,096)		(12,943)
Ending balance	$ (17,096)		$ (12,943)

Long-Term Debt Maturities (Deta

Long-Term Debt Maturities (Detail) $ in Thousands	Dec. 31, 2021CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 1,126,113
2022 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,223
2023 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,223
2024 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,223
2025 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	160,257
Thereafter [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 959,187

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2021	Nov. 30, 2020USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Mar. 01, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure of long term debt [Line Items]
Borrowings			$ 1,126,113
Outstanding letters of credit				$ 25
Description of compliance with covenants			The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness.	The unsecured senior notes require Precision to comply with certain restrictive and financial covenants including an incurrence based test of Consolidated Interest Coverage Ratio, as defined in the senior note agreements, of greater than or equal to 2.0:1 for the most recent four consecutive fiscal quarters. In the event the Consolidated Interest Coverage Ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters the senior notes restrict Precision’s ability to incur additional indebtedness.
Maximum Consolidated Interest Coverage Ratio to incur additional indebtedness			2.00%			2.00%
Description of compliance with covenants			The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. This restricted payments basket grows by, among other things, 50% of cumulative consolidated net earnings, and decreases by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2021, the governing net restricted payments basket was negative $369 million (2020 – negative $307 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2021, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares.	The unsecured senior notes also contain a restricted payments covenant that limits Precision’s ability to make payments in the nature of dividends, distributions and for repurchases from shareholders. This restricted payments basket grows by, among other things, 50% of cumulative consolidated net earnings, and decreases by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2021, the governing net restricted payments basket was negative $369 million (2020 – negative $307 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2021, pursuant to the indentures governing the unsecured senior notes, Precision used the available general restricted payments basket to facilitate the repurchase and cancellation of its common shares.
Net restricted payments basket			$ 369,000					$ 307,000
Proportion of ownership interest in subsidiary			100.00%	100.00%
Original issue discount			$ 201
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Borrowings maximum borrowing capacity						$ 500
Borrowings						53
Credit facility amount withdrawn						118			$ 75
Borrowings maximum available letters of credit						200
Outstanding letters of credit				$ 33	$ 32
Amount redeemed						286
Senior Credit Facility [Member] | Future Assets [Member]
Disclosure of long term debt [Line Items]
Borrowings additional borrowing capacity						$ 300
7.75% Senior Notes Due 2023 [Member]
Disclosure of long term debt [Line Items]
Interest rate			7.75%			7.75%
Maturity date			December 15, 2023	December 15, 2023
Redemption price percentage			7.75%			7.75%
5.25% Senior Notes Due 2024 [Member]
Disclosure of long term debt [Line Items]
Interest rate			5.25%			5.25%
Maturity date			November 15, 2024	November 15, 2024
Redemption price percentage			5.25%			5.25%
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Minimum threshold to consolidated interest coverage ratio			7.125%	7.125%
Interest rate			7.125%			7.125%
Maturity date			January 15, 2026	January 15, 2026
Borrowings frequency of payments			Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018.	Interest is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2018.
7.125% Senior Notes Due 2026 [Member] | Any time on or after December 15, 2021 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage			101.00%			101.00%
7.125% Senior Notes Due 2026 [Member] | Prior to November 15, 2020, Precision may redeem these notes in whole or in part [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage			100.00%			100.00%
7.125% Senior Notes Due 2026 [Member] | Bottom Of Range [Member] | Precision may redeem these notes in whole or in part at any time on or after November 15, 2020 and before November 15, 2022 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage			101.781%			101.781%
7.125% Senior Notes Due 2026 [Member] | Top of Range [Member] | Precision may redeem these notes in whole or in part at any time on or after November 15, 2020 and before November 15, 2022 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage			105.344%			105.344%
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Interest rate			6.875%			6.875%
Maturity date			January 15, 2029	January 15, 2029
6.875% senior notes due 2029 [Member] | Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Redemption price percentage			35.00%			35.00%
Borrowings maximum percentage of principal amount redeemed			106.875%			106.875%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Borrowing Capacity		$ 11					$ 20,000
Facility maturity period			2025-11	2025-11
Amortization period of principal and interest payments	15 years	15 years
Minimum threshold to consolidated interest coverage ratio		1.15%
Credit facility amount withdrawn			$ 31,000			$ 11		$ 13,000	$ 11
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Borrowings						$ 400
Interest rate			6.875%			6.875%
Amount redeemed						$ 263
Percentage of face value			99.253%	99.253%
Original issue discount			$ 3,628	$ 3
Accrued and unpaid interest						557
Loss on redemption						$ 8

Schedule of Listing of Currentl

Schedule of Listing of Currently Applicable Restrictive and Financial Covenants (Detail)	12 Months Ended
	Dec. 31, 2021
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated senior debt to consolidated covenant EBITDA(1)	0.97%	[1]
Consolidated covenant EBITDA to consolidated interest expense	2.83%
Senior Credit Facility [Member] | Top of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated senior debt to consolidated covenant EBITDA(1)	2.50%	[1]
Senior Credit Facility [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.00%
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	2.06%
Unsecured Senior Notes [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	2.00%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.83%
Real Estate Credit Facility [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.00%
[1]	For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Restructuring and Other - Addit

Restructuring and Other - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Restructuring And Other Recoveries [Line Items]
Restructuring charge	$ 0	$ 18,061
Canadian Emergency Wage Subsidy Program [Member]
Disclosure Of Restructuring And Other Recoveries [Line Items]
Salary And Wage Subsidies Recognized	24,000	26,000
Operating Expense Reduction Due To Wage Subsidies	21,000	21,000
General And Administrative Expense Reduction Due To Wage Subsidies	$ 3,000	$ 5,000

Summary of Finance Charges (Det

Summary of Finance Charges (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest:
Long-term debt	$ 78,921	$ 98,555
Lease obligations	2,764	3,217
Other	80	232
Income	(210)	(739)
Amortization of debt issue costs	9,876	6,203
Finance charges	$ 91,431	$ 107,468

Summary of Right-of-Use-Assets

Summary of Right-of-Use-Assets (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	$ 55,168	$ 66,142
Additions	3,543	3,167
Derecognition	(480)	(2,597)
Depreciation	(6,575)	(7,417)
Lease reclassification		(3,631)
Effect of foreign currency exchange differences	(216)	(496)
Ending Balance	51,440	55,168
Real Estate [member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	43,689	54,026
Additions	514	136
Derecognition	0	0
Depreciation	(3,566)	(3,900)
Lease reclassification		(6,233)
Effect of foreign currency exchange differences	(174)	(340)
Ending Balance	40,463	43,689
Vehicles and Equipment [Member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	11,479	12,116
Additions	3,029	3,031
Derecognition	(480)	(2,597)
Depreciation	(3,009)	(3,517)
Lease reclassification		2,602
Effect of foreign currency exchange differences	(42)	(156)
Ending Balance	$ 10,977	$ 11,479

Leases - Additional Information

Leases - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases Disclosure [Line Items]
Cash outflow in relation to lease obligation	$ 9	$ 9
Real Estate [member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	1 year
Real Estate [member] | Top of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	10 years
Vehicles [member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	3 years
Vehicles [member] | Top of Range [Member]
Leases Disclosure [Line Items]
Terms of operating lease commitments	4 years
Rig Equipment [Member]
Leases Disclosure [Line Items]
Long-term drilling contracts	$ 503	$ 477
Rig Equipment [Member] | Bottom Of Range [Member]
Leases Disclosure [Line Items]
Term of operating leases under long term drilling contracts	1 year
Rig Equipment [Member] | Top of Range [Member]
Leases Disclosure [Line Items]
Term of operating leases under long term drilling contracts	5 years

Expected Non-cancellable Undisc

Expected Non-cancellable Undiscounted Operating Lease Payments (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 42,500	$ 47,180
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	10,782	10,960
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	29,327	29,630
More than five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 2,391	$ 6,590

Summary of Maturity Analysis of

Summary of Maturity Analysis of Lease Payments (Detail) $ in Thousands	Dec. 31, 2021CAD ($)
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	$ 260,048
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	198,188
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	$ 61,860

Disclosure of Liability Classif

Disclosure of Liability Classified Plans (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	$ 19,817	$ 13,512
Expensed during the period	56,513	4,355
ReclassificationFromEquitySettledPlans	(3,164)	6,833
Payments	(12,411)	(4,883)
Ending balance	60,755	19,817
Current	34,027
Long-term	26,728	11,507
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	6,624	7,318
Expensed during the period	17,168	3,119
Payments	(5,742)	(3,813)
Ending balance	18,050	6,624
Current	11,338
Long-term	6,712
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	4,751	2,858
Expensed during the period	18,634	2,787
Payments	(1,861)	(894)
Ending balance	21,524	4,751
Current	6,182
Long-term	15,342
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	1,609	3,336
Expensed during the period	3,065	(1,551)
Payments		(176)
Ending balance	4,674	1,609
Long-term	4,674
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	6,833
Expensed during the period	17,646
ReclassificationFromEquitySettledPlans	(3,164)	6,833
Payments	(4,808)
Ending balance	16,507	$ 6,833
Current	$ 16,507

Share Based Compensation Plan_2

Share Based Compensation Plans - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020CAD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Option vesting period	3 years
Option expiration term	7 years
Stock-based compensation expense	$ (56,513)	$ (4,355)
Net earnings (loss)	$ (177,386)	(120,138)
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	131,950
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares granted to eligible employees vest term	3 years
Stock-based compensation expense	$ (17,168)	$ (3,119)
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	216,820	127,884
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Shares granted to eligible employees vest term	3 years
Stock-based compensation expense	$ (18,634)	$ (2,787)
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	40,515	39,028
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-based compensation expense	$ 200	$ 1,000
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share unit vesting period	3 years
Stock-based compensation expense	$ (17,646)
Net earnings (loss)	$ 18,000	$ 15,000
Number of other equity instruments exercised or vested in share-based payment arrangement | shares	96,355	57,442
Share based compensation number of shares vested | shares	263,900

Summary of Shares Outstanding U

Summary of Shares Outstanding Under Share Based Incentive Plans (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Redeemed	(131,950)
Equity-Settled Plans [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	1,470	4,659
Redeemed		(3,189)
Ending balance	1,470	1,470
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	484,782	316,904
Granted	356,928	363,253
Redeemed	(216,820)	(127,884)
Forfeited	(26,734)	(67,491)
Ending balance	598,156	484,782
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	565,379	166,768
Granted	488,510	502,558
Redeemed	(40,515)	(39,028)
Forfeited	(29,640)	(64,919)
Ending balance	983,734	565,379
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	77,574	89,613
Granted	27,017
Redeemed		(12,039)
Ending balance	104,591	77,574
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	288,707	368,845
Redeemed	(96,355)	(57,442)
Forfeited	(2,388)	(22,696)
Ending balance	189,964	288,707

Summary of Status of Equity Inc

Summary of Status of Equity Incentive Plan (Detail)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options Outstanding, Beginning balance | shares	148,665	148,665	201,079	201,079
Options Outstanding, Forfeited | shares	(33,060)	(33,060)	(52,414)	(52,414)
Options Outstanding, Ending balance | shares	115,605	115,605	148,665	148,665
Weighted Average Exercise Price, Beginning balance	$ 138.86		$ 145.88
Weighted Average Exercise Price, Forfeitures	193.10		165.79
Weighted Average Exercise Price, Ending balance	$ 123.35		$ 138.86
Options exercisable | shares	115,605	115,605	141,156	141,156	178,453
Canadian Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	$ 286.20		$ 286.20
Range of Exercise Prices, Forfeitures	286.20		203
Range of Exercise Prices, Ending balance	146.40		286.20
Canadian Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance	87		87
Range of Exercise Prices, Forfeitures	89.20		87
Range of Exercise Prices, Ending balance	$ 87		$ 87
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options Outstanding, Beginning balance | shares	283,793	283,793	318,153	318,153
Options Outstanding, Granted | shares	0	0	0	0
Options Outstanding, Forfeited | shares	(15,950)	(15,950)	(34,360)	(34,360)
Options Outstanding, Ending balance | shares	267,843	267,843	283,793	283,793
Weighted Average Exercise Price, Beginning balance		$ 86.23		$ 93.32
Weighted Average Exercise Price, Forfeitures		183.60		151.92
Weighted Average Exercise Price, Ending balance		$ 80.43		$ 86.23
Options exercisable | shares	257,854	257,854	239,521	239,521	217,441
U.S. Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance		$ 183.60		$ 183.60
Range of Exercise Prices, Forfeitures		183.60		183.60
Range of Exercise Prices, Ending balance		115.80		183.60
U.S. Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Range of Exercise Prices, Beginning balance		51.20		51.20
Range of Exercise Prices, Forfeitures		183.60		64.20
Range of Exercise Prices, Ending balance		$ 51.20		$ 51.20

Range of Exercise Prices for Op

Range of Exercise Prices for Options Outstanding (Detail)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2021shares$ / shares$ / shares	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares	Dec. 31, 2019shares$ / shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	115,605	115,605	115,605	148,665	148,665	201,079	201,079
Total options outstanding, Weighted average exercise price	$ 123.35	$ 123.35		$ 138.86		$ 145.88
Options exercisable, Number | shares	115,605	115,605	115,605	141,156	141,156	178,453	178,453
Canadian Share Options [Member] | 87.00 – 117.59 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	45,590	45,590	45,590
Total options outstanding, Weighted average exercise price	$ 88.11	$ 88.11
Total options outstanding, Weighted average remaining contractual life (years)	2 years 1 month 20 days	2 years 1 month 20 days
Options exercisable, Number | shares	45,590	45,590	45,590
Options exercisable, Weighted average exercise price	$ 88.11	$ 88.11
Canadian Share Options [Member] | 87.00 – 117.59 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	117.59
Canadian Share Options [Member] | 87.00 – 117.59 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 87
Canadian Share Options [Member] | 117.60 – 146.19 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	17,035	17,035	17,035
Total options outstanding, Weighted average exercise price	$ 145.97	$ 145.97
Total options outstanding, Weighted average remaining contractual life (years)	2 years 1 month 17 days	2 years 1 month 17 days
Options exercisable, Number | shares	17,035	17,035	17,035
Options exercisable, Weighted average exercise price	$ 145.97	$ 145.97
Canadian Share Options [Member] | 117.60 – 146.19 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	146.19
Canadian Share Options [Member] | 117.60 – 146.19 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 117.60
Canadian Share Options [Member] | 146.20 – 146.40 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	52,980	52,980	52,980
Total options outstanding, Weighted average exercise price	$ 146.40	$ 146.40
Total options outstanding, Weighted average remaining contractual life (years)	1 month 9 days	1 month 9 days
Options exercisable, Number | shares	52,980	52,980	52,980
Options exercisable, Weighted average exercise price	$ 146.40	$ 146.40
Canadian Share Options [Member] | 146.20 – 146.40 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	146.40
Canadian Share Options [Member] | 146.20 – 146.40 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 146.20
Canadian Share Options [Member] | 87.00 – 146.40 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	115,605	115,605	115,605
Total options outstanding, Weighted average exercise price	$ 123.35	$ 123.35
Total options outstanding, Weighted average remaining contractual life (years)	1 year 2 months 15 days	1 year 2 months 15 days
Options exercisable, Number | shares	115,605	115,605	115,605
Options exercisable, Weighted average exercise price	$ 123.35	$ 123.35
Canadian Share Options [Member] | 87.00 – 146.40 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	146.40
Canadian Share Options [Member] | 87.00 – 146.40 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 87
U.S. Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	267,843	267,843	267,843	283,793	283,793	318,153	318,153
Total options outstanding, Weighted average exercise price			$ 80.43		$ 86.23		$ 93.32
Options exercisable, Number | shares	257,854	257,854	257,854	239,521	239,521	217,441	217,441
U.S. Share Options [Member] | 51.20 – 66.50 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	103,035	103,035	103,035
Total options outstanding, Weighted average exercise price			$ 60.42
Total options outstanding, Weighted average remaining contractual life (years)	2 years 7 days	2 years 7 days
Options exercisable, Number | shares	93,046	93,046	93,046
Options exercisable, Weighted average exercise price			$ 61.41
U.S. Share Options [Member] | 51.20 – 66.50 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 66.50
U.S. Share Options [Member] | 51.20 – 66.50 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 51.20
U.S. Share Options [Member] | 66.51 – 105.94 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	78,323	78,323	78,323
Total options outstanding, Weighted average exercise price			$ 70.69
Total options outstanding, Weighted average remaining contractual life (years)	3 years 18 days	3 years 18 days
Options exercisable, Number | shares	78,323	78,323	78,323
Options exercisable, Weighted average exercise price			$ 70.69
U.S. Share Options [Member] | 66.51 – 105.94 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 105.94
U.S. Share Options [Member] | 66.51 – 105.94 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 66.51
U.S. Share Options [Member] | 105.95 – 115.80 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	86,485	86,485	86,485
Total options outstanding, Weighted average exercise price			$ 113.08
Total options outstanding, Weighted average remaining contractual life (years)	1 year 4 months 17 days	1 year 4 months 17 days
Options exercisable, Number | shares	86,485	86,485	86,485
Options exercisable, Weighted average exercise price			$ 113.08
U.S. Share Options [Member] | 105.95 – 115.80 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 115.80
U.S. Share Options [Member] | 105.95 – 115.80 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 105.95
U.S. Share Options [Member] | 51.20 – 115.80 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	267,843	267,843	267,843
Total options outstanding, Weighted average exercise price			$ 80.43
Total options outstanding, Weighted average remaining contractual life (years)	2 years 1 month 9 days	2 years 1 month 9 days
Options exercisable, Number | shares	257,854	257,854	257,854
Options exercisable, Weighted average exercise price			$ 81.56
U.S. Share Options [Member] | 51.20 – 115.80 Range of Exercise Prices [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 115.80
U.S. Share Options [Member] | 51.20 – 115.80 Range of Exercise Prices [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 51.20

Schedule of Provision for Incom

Schedule of Provision for Income Taxes (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Loss before income taxes	$ (182,782)	$ (109,184)
Federal and provincial statutory rates	24.00%	25.00%
Tax at statutory rates	$ (43,868)	$ (27,296)
Adjusted for the effect of:
Non-deductible expenses	1,162	628
Non-taxable capital gains	(257)	(6,184)
Impact of foreign tax rates	(1,474)	(238)
Withholding taxes	937	813
Taxes related to prior years	(1,467)	(1,531)
Tax assets not recognized	37,924	44,112
Other	1,647	650
Income taxes	$ (5,396)	$ 10,954

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Temporary differences [Member] | International operations [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Tax effected temporary differences	$ 1	$ 1

Summary of Net Deferred Tax Lia

Summary of Net Deferred Tax Liability (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liability:
Property, plant and equipment and intangibles	$ 359,383	$ 393,631
Debt issue costs	1,457	2,665
Partnership deferrals	11,082	2,532
Other	6,221	6,322
Deferred income tax liability	378,143	405,150
Offsetting of assets and liabilities	(365,924)	(383,914)
Deferred tax liabilities	12,219	21,236
Deferred tax assets:
Losses (expire from time to time up to 2041)	340,406	370,439
Long-term incentive plan	14,264	4,956
Other	12,121	9,617
Deferred income tax asset	366,791	385,012
Offsetting of assets and liabilities	(365,924)	(383,914)
Deferred tax assets	867	1,098
Net deferred tax liability	$ 11,352	$ 20,138

Summary of Deferred Tax Asset N

Summary of Deferred Tax Asset Not Recognized (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Tax losses (Capital)	$ 29,363	$ 29,809
Tax losses (Income)	96,671	72,516
Deductible temporary differences	4,153	2,020
Total	$ 130,187	$ 104,345

Summary of Movement in Temporar

Summary of Movement in Temporary Differences of Deferred Tax Liabilities (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	$ 20,138	$ 20,665
Recognized in net loss (earnings)	(8,599)	5,664
Effect of foreign currency exchange differences	(187)	(793)
Recognized in other comprehensive income		(5,398)
Ending Balance	11,352	20,138
Property, Plant and Equipment and Intangibles [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	393,631	426,934
Recognized in net loss (earnings)	(32,562)	(28,600)
Effect of foreign currency exchange differences	(1,686)	(4,703)
Ending Balance	359,383	393,631
Partnership Deferrals [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	2,532	850
Recognized in net loss (earnings)	8,550	1,682
Ending Balance	11,082	2,532
Other Deferred Tax Liabilities [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	6,322	7,926
Recognized in net loss (earnings)	(99)	(1,601)
Effect of foreign currency exchange differences	(2)	(3)
Ending Balance	6,221	6,322
Losses [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(370,439)	(402,025)
Recognized in net loss (earnings)	28,528	33,141
Effect of foreign currency exchange differences	1,505	3,843
Recognized in other comprehensive income		(5,398)
Ending Balance	(340,406)	(370,439)
Debt Issue Costs [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	2,665	3,280
Recognized in net loss (earnings)	(1,208)	(615)
Ending Balance	1,457	2,665
Long-Term Incentive Plan [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(4,956)	(6,131)
Recognized in net loss (earnings)	(9,291)	1,120
Effect of foreign currency exchange differences	(17)	55
Ending Balance	(14,264)	(4,956)
Other Deferred Tax Liabilities [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(9,617)	(10,169)
Recognized in net loss (earnings)	(2,517)	537
Effect of foreign currency exchange differences	13	15
Ending Balance	$ (12,121)	$ (9,617)

Bank Indebtedness - Additional

Bank Indebtedness - Additional Information (Detail) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about financial instruments [Line Items]
Description of interest rate	Advances under the $40 million facility are available at the bank’s prime lending rate, U.S. base rate, U.S. LIBOR rate plus applicable margin, or applicable margin for Banker’s Acceptances, or in combination, and under the US$15 million facility at the bank’s prime lending rate.
40.0 Million Secured Operating Facilities [Member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity	$ 40,000		$ 40,000
Line of credit outstanding	0		0
Letters of credit outstanding	7,000		7,000
15.0 Million Secured Operating Facilities [Member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		$ 15,000		$ 15,000
Line of credit outstanding	0		0
30.0 Million Operating Facilities [member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		$ 30		30
Line of credit outstanding	0		$ 0
Letters of credit outstanding	$ 3			$ 2

Change in Provisions and Other

Change in Provisions and Other (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [abstract]
Beginning balance	$ 8,308	$ 11,866
Recovered during the year		(750)
Expensed during the year	3,296
Payment of deductibles and uninsured claims	(2,815)	(2,698)
Effects of foreign currency exchange differences	(71)	(110)
Ending balance	$ 8,718	$ 8,308

Balance Sheet Classification of

Balance Sheet Classification of Provisions and Other (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of other provisions [abstract]
Current	$ 2,205	$ 745
Long-term	6,513	7,563
Other provisions	$ 8,718	$ 8,308	$ 11,866

Schedule of Issued Capital (Det

Schedule of Issued Capital (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Beginning balance, shares	13,459,593	13,864,990
Share repurchase	(155,168)	(420,588)
Issued on redemption of non-management directors' DSUs, shares		15,228
Share consolidation adjustment		(37)
Ending balance, shares	13,304,425	13,459,593
Beginning balance	$ 2,285,738	$ 2,296,378
Share repurchase	(4,294)	(11,317)
Share issuance on redemption of non-management DSUs		677
Ending balance	$ 2,281,444	$ 2,285,738

Shareholders Capital - Addition

Shareholders Capital - Additional Information (Detail) $ in Millions	Nov. 12, 2020shares	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020CAD ($)shares
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		155,168
Percentage of share purchase and cancel		10.00%
Purchase and cancel of shares | $ | $		$ 4
Share consolidation ratio	20
Number of common share used for consolidation adjustment	37
Events After Reporting Period [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel			420,588
Purchase and cancel of shares | $ | $			$ 11
Top of Range [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		1,317,158

Summary of Per Share Amounts (D

Summary of Per Share Amounts (Detail) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Net earnings (loss) for the period	$ (177,386)	$ (120,138)
Weighted average shares outstanding – basic	13,315	13,722
Effect of stock options and other equity compensation plans	0
Weighted average shares outstanding – diluted	13,315	13,722

Summary of Accumulated Other Co

Summary of Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 137,581
Ending Balance	134,780	$ 137,581
Unrealized Foreign Currency Translation Gains (Losses) [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	483,657	509,582
Other comprehensive income (loss)	(11,256)	(25,925)
Ending Balance	472,401	483,657
Foreign Exchange Gain (Loss) on Net Investment Hedge [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(351,474)	(375,327)
Other comprehensive income (loss)	8,455	23,853
Ending Balance	(343,019)	(351,474)
Accumulated Other Comprehensive Income [Member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	137,581	134,255
Other comprehensive income (loss)	(2,801)	3,326
Ending Balance	134,780	137,581
Tax Benefit Related To Net Investment Hedge Of Long Term Debt [Member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	5,398	0
Other comprehensive income (loss)	0	5,398
Ending Balance	$ 5,398	$ 5,398

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employees Benefit [Abstract]
Individual contributions under defined contribution pension plan	3.00%	2.00%
Total expense under the defined contribution plan	$ 6	$ 6

Compensation of Key Management

Compensation of Key Management Personnel (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Salaries and other benefits	$ 6,591	$ 10,031
Equity settled share based compensation	5,554	9,148
Cash settled share based compensation	18,741	419
Key management personnel compensation	$ 30,886	$ 19,598

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Related party transactions, description	Certain executive officers have entered into employment agreements with Precision that provide termination benefits of up to 24 months base salary plus up to two times targeted incentive compensation upon dismissal without cause.

Capital Commitments - Additiona

Capital Commitments - Additional Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	$ 137	$ 113
2022 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	42
2023 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	60
2024 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	$ 35

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2021USD ($)Customer	Dec. 31, 2021CAD ($)Customer	Dec. 31, 2020USD ($)Customer	Dec. 31, 2020CAD ($)Customer
Disclosure of detailed information about financial instruments [Line Items]
Number of customers | Customer					0	0
Percentage of change in interest rates	1.00%
Impact on net income due to changes in interest rate	$ 2	$ 1
Fair value of unsecured senior notes				$ 969		$ 1,023
One Customer [Member]
Disclosure of detailed information about financial instruments [Line Items]
Number of customers | Customer			1	1	1	1
Percentage concentration risk rate	10.00%	12.00%
Senior Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn			$ 118		$ 75
Real Estate Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn			$ 11	$ 31	$ 11	$ 13
Credit Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Trade receivables				$ 16		$ 11

Summary of Expected Credit Loss

Summary of Expected Credit Loss Allowance (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Allowance For Doubtful Accounts [Abstract]
Beginning balance	$ 862	$ 929
Impairment loss recognized	29	812
Amounts written-off as uncollectible	(70)	(479)
Impairment loss reversed	(231)	(396)
Effect of movement in exchange rates	(5)	(4)
Ending balance	$ 585	$ 862

Summary of Ageing of Trade Rece

Summary of Ageing of Trade Receivables (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ 152,897	$ 113,933
Gross [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	153,482	114,795
Gross [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	117,618	66,191
Gross [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	27,235	35,060
Gross [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	8,524	11,649
Gross [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	105	1,895
Provision for Impairment [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	585	862
Provision for Impairment [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	1	1
Provision for Impairment [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	5	8
Provision for Impairment [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	474	26
Provision for Impairment [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ 105	$ 827

Summary of Financial Instrument

Summary of Financial Instruments were Denominated in U S Dollars (Detail) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [Line Items]
Cash		$ 40,588	$ 108,772
Accounts receivable		255,740	207,209
Accounts payable and accrued liabilities		(224,123)	(150,957)
Canadian Operations [Member] | Currency Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Cash		2,398	35,257
Accounts receivable		14	0
Accounts payable and accrued liabilities		(29,427)	(18,727)
Long-term liabilities, excluding long-term incentive plans	[1]	0	0
Net foreign currency exposure		(27,015)	16,530
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		(270)	165
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss		0	0
Foreign Operations [Member] | Currency Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Cash		17,382	26,057
Accounts receivable		115,614	98,298
Accounts payable and accrued liabilities		(81,971)	(59,704)
Long-term liabilities, excluding long-term incentive plans	[1]	(14,781)	(16,197)
Net foreign currency exposure		36,244	48,454
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		0	0
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss		$ 362	$ 485
[1]	Excludes U.S. dollar long-term debt that has been designated as a hedge of the Corporation’s net investment in certain self-sustaining foreign operations.

Summary of Contractual Maturiti

Summary of Contractual Maturities of Financial Liabilities and Other Contractual Commitments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
Disclosure of Nonderivative Financial Instruments [Line Items]
Long-term debt, gross		$ 874,858	$ 1,123,890,000	$ 981,151	$ 1,249,153,000
Liquidity risk [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			224,123,000
Share based compensation	$ 67,487,000
Long-term debt, gross			1,126,113,000
Interest on long-term debt	392,838,000
Commitments			179,631,000
Total			1,990,192,000
Liquidity risk [Member] | 2022 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			224,123,000
Share based compensation	18,414,000
Long-term debt, gross			2,223,000
Interest on long-term debt	72,147,000
Commitments			53,030,000
Total			369,937,000
Liquidity risk [Member] | 2023 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	24,331,000
Long-term debt, gross			2,223,000
Interest on long-term debt	72,071,000
Commitments			69,631,000
Total			168,256,000
Liquidity risk [Member] | 2024 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	24,742,000
Long-term debt, gross			2,223,000
Interest on long-term debt	71,996,000
Commitments			44,068,000
Total			143,029,000
Liquidity risk [Member] | 2025 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	0
Long-term debt, gross			160,257,000
Interest on long-term debt	69,433,000
Commitments			5,688,000
Total			235,378,000
Liquidity risk [Member] | 2026 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	0
Long-term debt, gross			453,403,000
Interest on long-term debt	36,196,000
Commitments			4,823,000
Total			494,422,000
Liquidity risk [Member] | Thereafter [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	0
Long-term debt, gross			505,784,000
Interest on long-term debt	$ 70,995,000
Commitments			2,391,000
Total			$ 579,170,000

Capital Management - Summary of

Capital Management - Summary of Capitalization and Ratio (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Capitalisation [Abstract]
Long-term debt	$ 1,106,794	$ 1,236,210
Shareholders' equity	1,225,555	1,406,640
Total capitalization	$ 2,332,349	$ 2,642,850
Long-term debt to long-term debt plus equity ratio	0.47%	0.47%

Capital Management - Additional

Capital Management - Additional Information (Detail) $ in Thousands, $ in Thousands	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure Of Capitalisation [Line Items]
Cash	$ 40,588		$ 108,772
Senior Credit Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		$ 500,000		$ 500,000
Line of credit outstanding		118,000		75,000
Letters of credit outstanding		33,000		32,000
Secured Operating Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity	97,000		97,000
40.0 Million Secured Operating Facilities [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity	40,000		40,000
Letters of credit outstanding	$ 7,000		$ 7,000
30.0 Million Operating Facilities [member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		30,000		30,000
Letters of credit outstanding		3,000		2,000
15.0 Million Secured Operating Facilities [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		15,000		15,000
Line of credit outstanding		$ 0		$ 0

Components of Changes in Non-ca

Components of Changes in Non-cash Working Capital Balances (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Change In Noncash Working Capital Balances [Abstract]
Accounts receivable	$ (50,255)	$ 103,857
Inventory	1,993	5,181
Accounts payable and accrued liabilities	44,986	(53,666)
Non cash working capital	(3,276)	55,372
Operations	(13,018)	55,391
Investments	$ 9,742	$ (19)

Components of Accounts Receivab

Components of Accounts Receivable (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable [Abstract]
Trade	$ 152,897	$ 113,933
Accrued trade	26,731	16,769
Prepaids and other	76,112	76,507
Trade and other current receivables	$ 255,740	$ 207,209

Components of Accounts Payable

Components of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities1 [Abstract]
Accounts payable	$ 90,750	$ 56,922
Accrued liabilities:
Payroll	68,953	44,533
Other	64,420	49,502
Accounts payable and accrued liabilities	$ 224,123	$ 150,957

Supplemental Information - Addi

Supplemental Information - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Information [Line Items]
Operating expense	$ 698,144	$ 583,420
General and administrative expense	95,931	70,869
Depreciation and amortization gain on asset disposal loss on asset decommissioning and reversal of impairment of property plant and equipment [Member]
Supplemental Information [Line Items]
Operating expense	263,000	293,000
General and administrative expense	$ 11,000	$ 11,000

Summary of Operating and Genera

Summary of Operating and General and Administrative Expenses (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expenses by nature [abstract]
Wages, salaries and benefits	$ 482,695	$ 438,209
Wage subsidies	(24,108)	(26,297)
Purchased materials, supplies and services	278,743	240,591
Share-based compensation	56,745	19,847
Operating and general and administrative expenses	794,075	672,350
Allocated to:
Operating expense	698,144	583,420
General and administrative	95,931	70,869
Restructuring	0	18,061
Operating and general and administrative expenses	$ 794,075	$ 672,350

Contingencies and Guarantees -

Contingencies and Guarantees - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)
Tax contingent liability [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure of uncertainties of contingent liabilities	The business and operations of the Corporation are complex and the Corporation has executed a number of significant financings, business combinations, acquisitions and dispositions over the course of its history. The computation of income taxes payable as a result of these transactions involves many complex factors as well as the Corporation’s interpretation of relevant tax legislation and regulations. The Corporation’s management believes that the provision for income tax is adequate and in accordance with IFRS and applicable legislation and regulations. However, there are tax filing positions that have been and can still be the subject of review by taxation authorities who may successfully challenge the Corporation’s interpretation of the applicable tax legislation and regulations, with the result that additional taxes could be payable by the Corporation.
Legal proceedings contingent liability [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure of uncertainties of contingent liabilities	The Corporation, through the performance of its services, product sales and business arrangements, is sometimes named as a defendant in litigation. The outcome of such claims against the Corporation is not determinable at this time; however, their ultimate resolution is not expected to have a material adverse effect on the Corporation.
Other contingent liabilities [Member]
Disclosure of contingent liabilities [Line Items]
Disclosure not practicable	The Corporation has entered into agreements indemnifying certain parties primarily with respect to tax and specific third-party claims associated with businesses sold by the Corporation. Due to the nature of the indemnifications, the maximum exposure under these agreements cannot be estimated. No amounts have been recorded for the indemnities as the Corporation’s obligations under them are not probable or determinable.
Obligation amount	$ 0

Long-Term Debt Guarantors - Add

Long-Term Debt Guarantors - Additional Information (Details) - Dec. 31, 2021 $ in Thousands, $ in Millions	CAD ($)	USD ($)
Disclosure of subsidiaries [line items]
Borrowings	$ 1,126,113
Unsecured Senior Notes [Member]
Disclosure of subsidiaries [line items]
Borrowings		$ 400
Unsecured Senior Notes [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	946,000
Unsecured Senior Notes Outstanding Due in 2026 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	440,000
Unsecured Senior Notes Outstanding Due in 2026 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	$ 506,000

Statements of Financial Positio

Statements of Financial Position (Detail) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Current assets	$ 319,757	$ 342,263
Property, plant and equipment	2,258,391	2,472,683
Accounts receivable, intercompany	255,740	207,209
Liabilities and shareholders' equity
Current liabilities	238,120	166,840
Long-term debt	1,106,794	1,236,210
Accounts payable and accrued liabilities, intercompany	224,123	150,957
Parent And Guarantor Subsidiaries [Member]
Assets
Current assets	219,013	227,265
Property, plant and equipment	1,909,951	2,085,460
Other non-current assets	79,033	79,104
Accounts receivable, intercompany	34,373	35,500
Short-term advances to affiliates	11,686	13,359
Liabilities and shareholders' equity
Current liabilities	200,784	123,472
Long-term debt	1,106,794	1,236,210
Other non-current liabilities	87,411	86,303
Accounts payable and accrued liabilities, intercompany	33,820	25,374
Long-term advances from affiliates	$ 128,606	$ 89,830

Statements of Loss (Detail)

Statements of Loss (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of subsidiaries [Line Items]
Revenue	$ 986,847	$ 935,753
Expenses	698,144	583,420
Earnings before income taxes, loss (gain) on redemption and repurchase of unsecured senior notes, loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	192,772	263,403
Net loss	(177,386)	(120,138)
Parent And Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [Line Items]
Revenue	844,619	752,794
Expenses	690,149	548,991
Earnings before income taxes, loss (gain) on redemption and repurchase of unsecured senior notes, loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	154,470	203,803
Net loss	$ (171,030)	$ (144,086)

Summary of Subsidiaries (Detail

Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Precision Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100.00%	100.00%
Precision Drilling Canada Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100.00%	100.00%
Precision Diversified Oilfield Services Corp [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100.00%	100.00%
Precision Drilling (US) Corporation [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100.00%	100.00%
Precision Drilling Holdings Company [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100.00%	100.00%
Precision Drilling Company LP [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100.00%	100.00%
Precision Completion and Production Services Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100.00%	100.00%
Grey Wolf Drilling Limited [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100.00%	100.00%
Grey Wolf Drilling Barbados Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100.00%	100.00%