Precision Drilling (PDS) 40-F 6 Mar 23 2022 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	PDS
Entity Registrant Name	PRECISION DRILLING CORPORATION
Entity Central Index Key	0001013605
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	13,558,525
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, 2022	Dec. 31, 2021
Current assets:
Cash	$ 21,587	$ 40,588
Accounts receivable	413,925	255,740
Inventory	35,158	23,429
Total current assets	470,670	319,757
Non-current assets:
Income taxes recoverable	1,602
Deferred tax assets	455	867
Property, plant and equipment	2,303,338	2,258,391
Intangibles	19,575	23,915
Right of use assets	60,032	51,440
Investments and other assets	20,451	7,382
Total non-current assets	2,405,453	2,341,995
Total assets	2,876,123	2,661,752
Current liabilities:
Accounts payable and accrued liabilities	392,053	224,123
Income tax payable	2,991	839
Current portion of lease obligation	12,698	10,935
Current portion of long-term debt	2,287	2,223
Total current liabilities	410,029	238,120
Non-current liabilities:
Share based compensation	60,133	26,728
Provisions and other	7,538	6,513
Lease obligation	52,978	45,823
Long-term debt	1,085,970	1,106,794
Deferred tax liabilities	28,946	12,219
Total non-current liabilities	1,235,565	1,198,077
Shareholders' equity:
Shareholders' capital	2,299,533	2,281,444
Contributed surplus	72,555	76,311
Deficit	(1,301,273)	(1,266,980)
Accumulated other comprehensive income	159,714	134,780
Total shareholders' equity	1,230,529	1,225,555
Total liabilities and shareholders' equity	$ 2,876,123	$ 2,661,752

Consolidated Statements of Loss

Consolidated Statements of Loss $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CAD ($) $ / shares
Profit or loss [abstract]
Revenue	$ 1,617,194		$ 986,847
Expenses:
Operating	1,124,601		698,144
General and administrative	180,988		95,931
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	311,605		192,772
Depreciation and amortization	279,035		282,326
Gain on asset disposals	(29,926)		(8,516)
Foreign exchange	1,278		393
Finance charges	87,813		91,431
Loss (gain) on investments and other assets	(12,452)		400
Loss on redemption and repurchase of unsecured senior notes	0		9,520
Loss before income taxes	(14,143)		(182,782)
Income taxes:
Current	4,362		3,203
Deferred	15,788		(8,599)
Income taxes	20,150		(5,396)
Net loss	$ (34,293)		$ (177,386)
Net loss per share:
Basic | (per share)		$ (2.53)	$ (13.32)
Diluted | (per share)		$ (2.53)	$ (13.32)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
Net loss	$ (34,293)	$ (177,386)
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency	106,669	(11,256)
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt	(81,735)	8,455
Comprehensive loss	$ (9,359)	$ (180,187)

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operations:
Net loss	$ (34,293)	$ (177,386)
Adjustments for:
Long-term compensation plans	60,094	31,952
Depreciation and amortization	279,035	282,326
Gain on asset disposals	(29,926)	(8,516)
Foreign exchange	638	1,733
Finance charges	87,813	91,431
Other	542	(972)
Loss (gain) on investments and other assets	(12,452)	400
Loss on redemption and repurchase of unsecured senior notes	0	9,520
Income taxes paid	(3,263)	(5,999)
Income taxes recovered	24	48
Income taxes	20,150	(5,396)
Interest paid	(85,678)	(67,258)
Interest received	310	360
Funds provided by operations	282,994	152,243
Changes in non-cash working capital balances	(45,890)	(13,018)
Cash provided by operations	237,104	139,225
Investments:
Purchase of property, plant and equipment	(184,250)	(75,941)
Proceeds on sale of property, plant and equipment	37,198	13,086
Business acquisitions	(10,200)	0
Purchase of investments and other assets	(617)	(3,500)
Changes in non-cash working capital balances	13,454	9,742
Cash used in investing activities	(144,415)	(56,613)
Financing:
Issuance of long-term debt	144,889	696,341
Repayment of long-term debt	(250,749)	(824,871)
Repurchase of share capital	(10,010)	(4,294)
Debt amendment fees	0	(913)
Debt issue costs	0	(9,450)
Lease payments	(7,134)	(6,726)
Issuance of common shares on the exercise of options	9,833	0
Cash used in financing activities	(113,171)	(149,913)
Effect of exchange rate changes on cash and cash equivalents	1,481	(883)
Decrease in cash	(19,001)	(68,184)
Cash and cash equivalents, beginning of year	40,588	108,772
Cash and cash equivalents, end of year	$ 21,587	$ 40,588

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, 2020	$ 1,406,640	$ 2,285,738	$ 72,915	$ 137,581	$ (1,089,594)
Net loss	(177,386)				(177,386)
Other comprehensive income	(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)
Net loss	(34,293)				(34,293)
Other comprehensive income	24,934			24,934
Share-based payment reclassification	13,864	14,083	(219)
Share repurchase	(10,010)	(10,010)
Share options exercised	9,833	14,016	(4,183)
Share-based compensation expense	646		646
Balance at Dec. 31, 2022	$ 1,230,529	$ 2,299,533	$ 72,555	$ 159,714	$ (1,301,273)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2022
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, 2022
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 3, 2023. (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 the 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. Estimates are more difficult to determine, and the range of potential outcomes can be wider, in periods of higher volatility and uncertainty. The impacts of the COVID-19 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, when available, 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, 2022
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 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 CGU 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. 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 require 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 the 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. 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 change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. 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 the 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 requires 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, with a focus upon earnings before income tax, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA 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 and Amendments not yet Effective The IASB has issued several new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2022. 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 IFRS 17 Insurance Contracts January 1, 2023 Review in-progress 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, 2024 Review in-progress

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Business Combination	NOTE 4. On July 27, 2022, Precision acquired the well servicing business and associated rental assets of High Arctic Energy Services Inc. for consideration of $38 million. On the date of acquisition, Precision made a $10 million cash payment with the remaining balance of $28 million, included in accounts payable and accrued liabilities at December 31, 2022, and subsequently paid in the first quarter of 2023. Included in the Completion and Production Services operating segment, the acquisition increased the size and scale of Precision’s operations within the Canadian well servicing industry, adding well-service rigs to its fleet along with related rental assets, ancillary support equipment, inventories, spares and operating facilities in key operating basins. The acquisition was accounted for as a business combination, using the acquisition method, whereby the Acquired Assets and Assumed Liabilities ( Acquired Net Assets Precision incurred $1 million of various transaction costs related to the business combination, which were recognized as an expense in the statement of net loss. These costs were primarily related to advisory, legal, consulting and other transaction costs. The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use 6,990 Assumed Liabilities Lease obligations (6,990 ) Fair value of Acquired Net Assets $ 37,500 Since the date of acquisition, depreciation of the acquired property, plant and equipment was recognized in the statement of net loss in accordance with Precision’s existing depreciation policies for similar equipment types.

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, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 727,544 $ 18,129 $ — $ (43 ) $ 745,630 Canada 562,586 169,042 — (6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ (748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — (5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 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

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2022
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, 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, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 397,753 38,147 (124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals (25,495 ) (3,233 ) (1,198 ) — (29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250 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 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 231,532 23,807 (62,567 ) — 192,772 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 A reconciliation of earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (g a 2022 2021 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization $ 311,605 $ 192,772 Deduct: Depreciation and amortization 279,035 282,326 Gain on asset disposals (29,926 ) (8,516 ) Foreign exchange 1,278 393 Finance charges 87,813 91,431 Loss (gain) on investments and other assets (12,452 ) 400 Loss on redemption and repurchase of unsecured senior notes — 9,520 Income taxes 20,150 (5,396 ) Net loss $ (34,293 ) $ (177,386 ) The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123 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

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment	NOTE 7. 2022 2021 Cost $ 6,906,771 $ 6,503,721 Accumulated depreciation (4,603,433 ) (4,245,330 ) $ 2,303,338 $ 2,258,391 Rig equipment 2,083,446 2,074,185 Rental equipment 15,977 20,597 Other equipment 11,465 17,088 Vehicles 3,380 3,204 Buildings 38,949 44,009 Assets under construction 117,535 67,884 Land 32,586 31,424 $ 2,303,338 $ 2,258,391 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total 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 ) — — Foreign exchange (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 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals (71,912 ) (7,538 ) (8,358 ) (873 ) (9,461 ) 2 (2,187 ) (100,327 ) Reclassifications 74,148 — 188 — — (74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 $ 6,334,462 $ 96,454 $ 175,409 $ 36,002 $ 114,323 $ 117,535 $ 32,586 $ 6,906,771 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total 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 ) Foreign exchange (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 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals (66,452 ) (7,522 ) (8,357 ) (873 ) (5,793 ) — — (88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 $ 4,251,016 $ 80,477 $ 163,944 $ 32,622 $ 75,374 $ — $ — $ 4,603,433 (a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2022, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2022, Precision purchased $184 million (2021 – $76 million) of property, plant and equipment and completed $2 million (2021 – nil) non-cash (c) 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 $30 million (2021 – $9 million). During 2021, Precision sold its directional drilling business to Cathedral Energy Services Ltd. ( Cathedral two-year

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Intangibles	NOTE 8. 2022 2021 Cost $ 55,111 $ 55,108 Accumulated amortization (35,536 ) (31,193 ) $ 19,575 $ 23,915 Loan commitment fees related to Senior Credit Facility $ 1,408 $ 2,067 Software 18,167 21,848 $ 19,575 $ 23,915 Cost Loan Commitment Fees Software Total Balance, December 31, 2020 $ 16,168 $ 38,021 $ 54,189 Additions 913 — 913 Foreign exchange — 6 6 Balance, December 31, 2021 17,081 38,027 55,108 Additions — — — Foreign exchange — 3 3 Balance, December 31, 2022 $ 17,081 $ 38,030 $ 55,111 Accumulated Amortization Loan Commitment Fees Software Total 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 Amortization expense 659 3,668 4,327 Foreign exchange — 16 16 Balance, December 31, 2022 $ 15,673 $ 19,863 $ 35,536

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	NOTE 9. 2022 2021 2022 2021 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ 1,333 U.S. Real Estate Credit Facility 704 704 954 890 US$ 704 US$ 704 $ 2,287 $ 2,223 Long-Term Debt Senior Credit Facility US$ 44,000 US$ 118,000 $ 59,620 $ 149,206 Canadian Real Estate Credit Facility — — 16,334 17,667 U.S. Real Estate Credit Facility 8,389 9,093 11,368 11,498 Unsecured Senior Notes: 7.125% senior notes due 2026 347,765 347,765 471,225 439,735 6.875% senior notes due 2029 400,000 400,000 542,004 505,784 US$ 800,154 US$ 874,858 1,100,551 1,123,890 Less net unamortized debt issue costs (14,581 ) (17,096 ) $ 1,085,970 $ 1,106,794 Senior Credit Facility Unsecured Senior Notes Canadian Real Estate Credit Facility U.S. Real Estate Credit Facility Debt Issue Costs and Original Issue Discount Total Balance December 31, 2020 $ 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 and 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 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 Changes from financing cash flows: Proceeds from Senior Credit Facility 144,889 — — — — 144,889 Repayment of Senior Credit Facility (248,500 ) — — — — (248,500 ) Repayment of Real Estate Credit Facility — — (1,333 ) (916 ) — (2,249 ) Non-cash Amortization of debt issue costs — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 (13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Current — — 1,333 954 — 2,287 Long-term 59,620 1,013,229 16,334 11,368 (14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Precision’s c u 2023 $ 2,287 2024 2,287 2025 71,367 2026 484,893 Thereafter 542,004 $ 1,102,838 (a) Senior Credit Facility: The senior secured revolving credit facility ( Senior Credit Facility The Senior Credit Facility requires 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 Under the Senior Credit Facility, amounts can be drawn in U.S. dollars and/or Canadian dollars. At December 31, 2022, US$44 million was drawn under this facility (2021 – US$118 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, 2022 outstanding letters of credit amounted to US$56 million (2021 – US$33 million). The interest rate on loans that are denominated in U.S. dollars is, at the option of Precision, either a margin over a U.S. base rate or a margin over LIBOR. The interest rate on loans denominated in Canadian dollars is, at the option of Precision, either a margin over the Canadian prime rate or a margin over the Canadian Dollar Offered Rate ( CDOR (b) Real Estate Credit Facility In November 2020, Precision established a Real Estate Term Credit Facility. The facility matures in November 2025 and is secured by real property located in Houston, Texas. Principal plus interest payments are due monthly, based on 15-year In March 2021, Precision established a Canadian Real Estate Credit Facility. The facility matures in March 2026 and is secured by real properties in Alberta, Canada. Principal plus interest payments are due quarterly, based on 15-year The Real Estate Credit Facilities contain certain affirmative and negative covenants and events of default, customary for these types of transactions. Under the terms of these facilities, Precision must maintain financial covenants in accordance with the Senior Credit Facility, described above, as of the last day of each period of four consecutive fiscal quarters. For the Canadian Real Estate Credit Facility, in the event the Senior Credit Facility expires, is cancelled or is terminated, financial covenants in effect at that time shall remain in place for the remaining duration of the facility. For the U.S. Real Estate Credit Facility, in the event the consolidated Covenant EBITDA to consolidated interest expense coverage ratio is waived or removed from the Senior Credit Facility, a minimum threshold of 1.15:1 is required. (c) Unsecured Senior Notes: Precision has the following unsecured senior notes outstanding: 7.125% US$ 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 on or after November 15, 2020 and before November 15, 2022, at redemption prices ranging between 105.344% and 101.781% of their principal amount plus accrued interest. Any time on or after November 15, 2023, 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 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. 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. Prior to June 15, 2024, Precision may redeem up to 35% of the 6.875% unsecured senior notes due in 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% 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 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 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. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, 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. 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 non-financial 3-10 S-X. (d) Covenants: At December 31, 2022, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2022 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.22 Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 3.62 (1) For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Wage Subsidies

Wage Subsidies	12 Months Ended
	Dec. 31, 2022
Disclosure of Wage Subsidies [Abstract]
Wage Subsidies	NOTE 10. In response to the economic slowdown caused by COVID-19,

Finance Charges

Finance Charges	12 Months Ended
	Dec. 31, 2022
Finance Costs [Abstract]
Finance Charges	NOTE 11. 2022 2021 Interest: Long-term debt $ 81,060 $ 78,921 Lease obligations 2,934 2,764 Other 968 80 Income (323 ) (210 ) Amortization of debt issue costs 3,174 9,876 Finance charges $ 87,813 $ 91,431

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Disclosure Of Leases [Abstract]
Leases	NOTE 12. (a) As a lessee Precision recognizes right-of-use Real Estate Vehicles and Equipment Total 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 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation (3,730 ) (3,535 ) (7,265 ) Lease remeasurements (372 ) 189 (183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032 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, 2022, Precision had total cash outflows of $10 million (2021 – $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 three non-cancellable 2022 2021 Less than one year $ 10,985 $ 10,782 One to five years 28,977 29,327 More than five years 8,628 2,391 $ 48,590 $ 42,500 (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, 2022. Less than one year $ 481,848 One t 746,480 More than five years 37,642 $ 1,265,970

Share Based Compensation Plans

Share Based Compensation Plans	12 Months Ended
	Dec. 31, 2022
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 s Liability Classified Plans Restricted Share Units Performance Share Units Executive Performance Share Units Non- Management Directors’ DSUs Total 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 Expensed during the period 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — (14,083 ) — (14,083 ) Reclassification from equity-settled plans — — (406 ) — (406 ) Payments (14,372 ) (7,960 ) (6,190 ) — (28,522 ) Foreign exchange (43 ) (3 ) — — (46 ) Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 Current 26,330 64,882 — — 91,212 Long-term 11,860 35,976 — 12,297 60,133 Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 (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 A summary of the RSUs and PSUs outstanding under these share-based incentive plans is pr e RSUs Outstanding PSUs Outstanding 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 Granted 180,710 311,579 Redeemed (266,876 ) (143,659 ) Forfeited (16,822 ) (14,983 ) December 31, 2022 495,168 1,136,671 Subsequent to December 31, 2022, Precision elected to settle certain vesting RSUs and PSUs through the issuance of 230,336 common shares. (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, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964 Redeemed (189,964 ) December 31, 2022 — Included in net loss for the year ended December 31, 2022 was (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, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 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, 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 Exercised (26,705 ) 87.00 – 89.20 88.62 Forfeited (65,845 ) 89.20 – 286.20 141.05 December 31, 2022 23,055 $ 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable 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 Exercised (93,890 ) 51.20 – 68.80 61.64 Forfeited (32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 $ 51.20 – 111.47 $ 84.84 141,748 Canadian Share Options Total Options Outstanding Options Exercisable Range of Exercise Prices: Number Weighted Average Exercise Price Weighted Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 12,885 $ 87.00 2.15 12,885 $ 87.00 10,170 145.97 1.13 10,170 145.97 $ 23,055 $ 113.01 1.70 23,055 $ 113.01 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$) $ 83,993 $ 66.99 2.03 83,993 $ 66.99 57,755 110.81 1.08 57,755 110.81 $ 141,748 $ 84.84 1.64 141,748 $ 84.84 No options were granted during 2021 and 2022. (e) Non-Management Prior to January 1, 2012, Precision had a deferred share unit plan for non-management non-management As at December 31, 2022, there were 1,470 (2021 – 1,470) deferred share units outstanding.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 Loss before income taxes $ (14,143 ) $ (182,782 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ (3,394 ) $ (43,868 ) Adjusted for the effect of: Non-deductible 1,146 1,162 Non-taxable (379 ) (257 ) Impact of foreign tax rates (2,559 ) (1,474 ) Withholding taxes 1,026 937 Taxes related to prior years 1,718 (1,467 ) Tax assets not recognized 22,592 37,924 Other — 1,647 Income tax expense (recovery) $ 20,150 $ (5,396 ) The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2022 2021 Deferred tax liability: Property, plant and equipment and intangibles $ 364,278 $ 359,383 Debt issue costs 1,303 1,457 Partnership deferrals 21,768 11,082 Other 6,284 6,221 393,633 378,143 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 28,946 $ 12,219 Deferred tax assets: Losses (expire from time to time up to 204 2 $ 318,967 $ 340,406 Long-term incentive plan 36,542 14,264 Other 9,633 12,121 365,142 366,791 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 455 $ 867 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: 2022 2021 Tax losses (Capital) $ 29,255 $ 29,363 Tax losses (Income) 134,588 96,671 Deductible temporary differences 5,224 4,153 Total $ 169,067 $ 130,187 The movement in temporary differences is as follows: Property, Partnership Other Losses Debt Issue Long-Term Other Net 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 ) Foreign 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 Recognized in net earnings (loss) (10,047 ) 10,686 51 33,827 (154 ) (21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 (12,388 ) — (695 ) (520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ (318,967 ) $ 1,303 $ (36,542 ) $ (9,633 ) $ 28,491

Bank Indebtedness

Bank Indebtedness	12 Months Ended
	Dec. 31, 2022
Debt instruments held [abstract]
Bank Indebtedness	NOTE 15. At December 31, 2022, Precision had available $40 million (2021 – $40 million) and US$15 million (2021 – US$15 million) under secured operating facilities, and a s e

Provisions and Other

Provisions and Other	12 Months Ended
	Dec. 31, 2022
Disclosure of other provisions [abstract]
Provisions and Other	NOTE 16. Workers’ Compensation Balance December 31, 2020 $ 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Foreign exchange (71 ) Balance December 31, 2021 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims (5,229 ) Foreign exchange 643 Balance December 31, 2022 $ 11,747 2022 2021 Current $ 4,209 $ 2,205 Long-term 7,538 6,513 $ 11,747 $ 8,718 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 reporting 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, 2022
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, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase (130,395 ) (10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533 (c) Normal Course Issuer Bid In 2022, the Toronto Stock Exchange ( TSX NCIB million). Subsequent to December 31, 2022, Precision repurchased and cancelled 15,888 common shares for $1 million.

Per Share Amounts

Per Share Amounts	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 Net loss – basic and diluted $ (34,293 ) $ (177,386 ) (Stated in thousands) 2022 2021 Weighted average shares outstanding – basic and diluted 13,546 13,315

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2022
Accumulated Other Comprehensive Income [abstract]
Accumulated Other Comprehensive Income	NOTE 19. Unrealized Foreign Currency Translation Gains 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, 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 Other comprehensive income (loss) 106,669 (81,735 ) — 24,934 December 31, 2022 $ 579,070 $ (424,754 ) $ 5,398 $ 159,714

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
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 5% (2021 – 3%) of the employee’s eligible compensation. Total expense under the defined contribution plan in 2022 was $11 million (2021 – $6 million).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions [abstract]
Related Party Transactions	NOTE 21. Compensation of Key Management Personnel The remuneration of key management personnel is as follows: 2022 2021 Salaries and other benefits $ 6,132 $ 6,591 Equity-settled share-based compensation 441 5,554 Cash-settled share-based compensation 60,796 18,741 $ 67,369 $ 30,886 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, 2022
Commitments [Abstract]
Capital Commitments	NOTE 22. At December 31, 2022, the Corporation had commitments to purchase property, plant and equipment totaling $184 million (2021 – $137 million). Payments of $97 million for these commitments are expected to be made in 2023, $36 million in 2024 and $35 million in 2024.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2022
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 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, 2022, Precision did not have any customers with revenue from transactions exceeding of consolidated revenue (2021 – one customer exceeded 10% of consolidated revenue). In addition, Precision’s most significant customer accounted for $ million of the trade receivables balance at December 31, 2022 (2021 – $ million). The movement in the expected credit loss allowance during the year was as follows: 2022 2021 Balance, January 1, $ 585 $ 862 Impairment loss recognized 1,167 29 Amounts written-off (23 ) (70 ) Impairment loss reversed (31 ) (231 ) Effect of movement in exchange rates 34 (5 ) Balance, December 31, $ 1,732 $ 585 The ageing of trade receivables at December 31 w a 2022 2021 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 224,872 $ 2 $ 117,618 $ 1 Past due 0 – 30 days 54,578 16 27,235 5 Past due 31 – 120 days 18,845 1,400 8,524 474 Past due more than 120 days 766 314 105 105 $ 299,061 $ 1,732 $ 153,482 $ 585 (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, 2022, Precision had drawn US$44 million on its Senior Credit Facility (2021 – US$118 million) and $30 million (2021 – $31 million) on its Real Estate Credit Facilities. As at December 31, 2022, a 1% change to the interest rate would have a $1 million impact on net loss (2021 – $2 million). The interest rate on Precision’s unsecured senior notes is fixed and is not subject to interest rate risk. (c) Foreign Currency Risk The Corporation is primarily exposed to foreign currency fluctuations in relation to the working capital of its foreign operations and certain long-term debt facilities of its Canadian operations. The Corporation has no significant exposures to foreign currencies other than the U.S. dollar. The Corporation monitors its foreign currency exposure and attempts to minimize the impact by aligning appropriate levels of U.S. denominated debt with cash flows from U.S. based operations. The following financial instruments were denominated in U.S. dollars: 2022 2021 Canadian Operations Foreign Operations Canadian Operations Foreign Operations Cash US$ 264 US$ 13,421 US$ 2,398 US$ 17,382 Accounts receivable 215 175,543 14 115,614 Accounts payable and accrued liabilities (28,041 ) (101,531 ) (29,427 ) (81,971 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,542 ) — (14,781 ) Net foreign currency exposure US$ (27,562 ) US$ 72,891 US$ (27,015 ) US$ 36,244 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (276 ) $ — $ (270 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 729 $ — $ 362 (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, 2022: 2023 2024 2025 2026 2027 Thereafter Total Accounts payable and accrued liabilities $ 392,053 $ — $ — $ — $ — $ — $ 392,053 Share-based compensation 94,403 62,189 31,245 — — — 187,837 Long-term debt 2,287 2,287 71,367 484,893 — 542,004 1,102,838 Interest on long-term debt (1) 77,774 77,774 77,313 54,401 37,263 38,816 363,341 Commitments 108,101 45,541 42,872 22,592 4,835 8,628 232,569 Total $ 674,618 $ 187,791 $ 222,797 $ 561,886 $ 42,098 $ 589,448 $ 2,278,638 (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, 2022 was approximately $965 million (2021 – $969 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, 2022
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 the 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, 2022 and 2021, these ratios were as follows: 2022 2021 Long-term debt $ 1,085,970 $ 1,106,794 Shareholders’ equity 1,230,529 1,225,555 Total capitalization $ 2,316,499 $ 2,332,349 Long-term debt to long-term debt plus equity ratio 0.47 0.47 As at December 31, 2022, liquidity remained sufficient as Precision had $22 million (2021 – $41 million) in cash and access to the US$500 million Senior Credit Facility (2021 – US$500 million) and $115 million (2021 – $97 million) secured operating facilities. As at December 31, 2022, US$44 million (2021 – US$118 million) was drawn on the Senior Credit Facility with available credit further reduced by US$56 million (2021 – US$33 million) in outstanding letters of credit. Availability of the $40 million secured operating facility and US$40 million secured facility for the issuance of letters of credit and performance and bid bonds were reduced by outstanding letters of credit of $28 million (2021 – $7 million) and US$31 million (2021 – US$3 million), respectively. There were no amounts drawn on the US$15 million (2021 – nil

Supplemental Information

Supplemental Information	12 Months Ended
	Dec. 31, 2022
Disclosure Of Supplemental Information [Abstract]
Supplemental Information	NOTE 25. SUPPLEMENTAL INFORMATION Components of changes in non-cash 2022 2021 Accounts receivable $ (143,832 ) $ (50,255 ) Inventory (10,482 ) 1,993 Accounts payable and accrued liabilities 121,878 44,986 $ (32,436 ) $ (3,276 ) Pertaining to: Operations $ (45,890 ) $ (13,018 ) Investments 13,454 9,742 The components of accounts receivable were as follows: 2022 2021 Trade $ 297,329 $ 152,897 Accrued trade 25,446 26,731 Prepaids and other 91,150 76,112 $ 413,925 $ 255,740 The components of accounts payable and accrued liabilities were as follows: 2022 2021 Accounts payable $ 136,360 $ 90,750 Accrued liabilities: Payroll 153,932 68,953 Other 101,761 64,420 $ 392,053 $ 224,123 Precision Drilling Corporation 2022 Annual Report 33 Precision presents expenses in the consolidated statements of loss by function with the exception of depreciation and amortization and gain on asset disposals, which are presented by nature. Operating expense and general and administrative expense would include $241 million (2021 – $263 million) and $8 million (2021 – $11 million), respectively, of depreciation and amortization and gain on asset disposals, if the statements of loss were presented purely by function. The following table presents operating and general and administrative expenses by nature: 2022 2021 Wages, salaries and benefits $ 735,566 $ 482,695 Wage subsidies — (24,108 ) Purchased materials, supplies and services 436,356 278,743 Share-based compensation 133,667 56,745 $ 1,305,589 $ 794,075 Allocated to: Operating expense $ 1,124,601 $ 698,144 General and administrative 180,988 95,931 $ 1,305,589 $ 794,075

Contingencies and Guarantees

Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2022
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, 2022
Long Term Debt Guarantor Disclosure [Abstract]
Long-Term Debt Guarantors	NOTE 27. Precision Drilling Corporation ( Parent Guarantor Subsidiaries Obligor Group As at December 31, 2022, Precision had $1,013 million principal amount of unsecured senior notes outstanding, $471 million due in 2026 and $542 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 their 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 the 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 2022 2021 Revenue $ 1,474,824 $ 844,619 Expenses 1,196,168 690,149 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 278,656 154,470 Net loss (25,780 ) (171,030 ) Statements of Financial Position Parent and Guarantor Subsidiaries 2022 2021 Assets Current assets $ 378,740 $ 219,013 Property, plant and equipment 1,959,329 1,909,951 Other non-current 97,691 79,033 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Current liabilities $ 365,025 $ 200,784 Long-term debt 1,085,970 1,106,794 Other non-current 144,477 87,411 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 2022 2021 Assets Accounts receivable, intercompany $ 52,649 $ 34,373 Short-term advances to affiliates 11,753 11,686 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Accounts payable and accrued liabilities, intercompany $ 41,202 $ 33,820 Long-term advances from affiliates 183,330 128,606

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
Subsidiaries	NOTE 28. Significant Subsidiaries Ownership Interest Country of Incorporation 2022 2021 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, 2022
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 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.
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 CGU 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. 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 require 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 the experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
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. 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 change to the fair value of the liability recognized in net earnings for the period. When the plans are settled, the cash paid reduces the outstanding liability. 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 the 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 requires 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, with a focus upon earnings before income tax, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization ( Adjusted EBITDA When indications of impairment exist within a CGU, a recoverable amount is determined which requires assumptions to estimate future discounted cash flows. These estimates and assumptions include future drilling activity and margins and the resulting estimated Adjusted EBITDA 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 and Amendments not yet Effective The IASB has issued several new standards and amendments to existing standards that will become effective for periods subsequent to December 31, 2022. 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 IFRS 17 Insurance Contracts January 1, 2023 Review in-progress 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, 2024 Review in-progress

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
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

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Summary Of The Allocation Of The Purchase Price	The following table summarizes the allocation of the purchase price: (Stated in thousands of Canadian dollars) Cash $ 10,200 Accounts payable and accrued liabilities 27,300 Fair value of consideration transferred $ 37,500 Acquired Assets Rig equipment $ 32,796 Vehicles 900 Buildings 1,457 Land 2,347 Right-of-use 6,990 Assumed Liabilities Lease obligations (6,990 ) Fair value of Acquired Net Assets $ 37,500

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total United States $ 727,544 $ 18,129 $ — $ (43 ) $ 745,630 Canada 562,586 169,042 — (6,068 ) 725,560 International 146,004 — — — 146,004 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Day rate/hourly services $ 1,394,394 $ 187,171 $ — $ (748 ) $ 1,580,817 Shortfall payments/idle but contracted 2,153 — — — 2,153 Turnkey drilling services 31,723 — — — 31,723 Other 7,864 — — (5,363 ) 2,501 $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 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

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2022
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, 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, 2022 Contract Drilling Services Completion and Production Services Corporate and Other Inter- Segment Eliminations Total Revenue $ 1,436,134 $ 187,171 $ — $ (6,111 ) $ 1,617,194 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 397,753 38,147 (124,295 ) — 311,605 Depreciation and amortization 255,286 14,381 9,368 — 279,035 Gain on asset disposals (25,495 ) (3,233 ) (1,198 ) — (29,926 ) Total assets 2,574,867 179,226 122,030 — 2,876,123 Capital expenditures 177,844 5,325 1,081 — 184,250 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 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 231,532 23,807 (62,567 ) — 192,772 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
Summary of Detailed Information About Reconciliation of Operating Loss to Net Loss Explanatory	A reconciliation of earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (g a 2022 2021 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization $ 311,605 $ 192,772 Deduct: Depreciation and amortization 279,035 282,326 Gain on asset disposals (29,926 ) (8,516 ) Foreign exchange 1,278 393 Finance charges 87,813 91,431 Loss (gain) on investments and other assets (12,452 ) 400 Loss on redemption and repurchase of unsecured senior notes — 9,520 Income taxes 20,150 (5,396 ) Net loss $ (34,293 ) $ (177,386 )
Summary of Operating Segments by Geographic Locations	The Corporation’s operations are carried on in the following geographic locations: Year ended December 31, 2022 United States Canada International Total Revenue $ 745,630 $ 725,560 $ 146,004 $ 1,617,194 Total assets 1,376,413 1,056,093 443,617 2,876,123 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

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of Property, Plant and Equipment	2022 2021 Cost $ 6,906,771 $ 6,503,721 Accumulated depreciation (4,603,433 ) (4,245,330 ) $ 2,303,338 $ 2,258,391 Rig equipment 2,083,446 2,074,185 Rental equipment 15,977 20,597 Other equipment 11,465 17,088 Vehicles 3,380 3,204 Buildings 38,949 44,009 Assets under construction 117,535 67,884 Land 32,586 31,424 $ 2,303,338 $ 2,258,391 Cost Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total 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 ) — — Foreign exchange (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 Additions 63,058 587 517 — 141 122,271 — 186,574 Acquisitions 32,796 — — 900 1,457 — 2,347 37,500 Disposals (71,912 ) (7,538 ) (8,358 ) (873 ) (9,461 ) 2 (2,187 ) (100,327 ) Reclassifications 74,148 — 188 — — (74,336 ) — — Foreign exchange 268,056 224 4,345 1,295 2,667 1,714 1,002 279,303 Balance, December 31, 2022 $ 6,334,462 $ 96,454 $ 175,409 $ 36,002 $ 114,323 $ 117,535 $ 32,586 $ 6,906,771 Accumulated Depreciation Rig Equipment Rental Equipment Other Equipment Vehicles Buildings Assets Under Construction Land Total 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 ) Foreign exchange (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 Depreciation expense 250,885 5,196 6,894 875 4,252 — — 268,102 Disposals (66,452 ) (7,522 ) (8,357 ) (873 ) (5,793 ) — — (88,997 ) Foreign exchange 172,452 219 3,778 1,144 1,405 — — 178,998 Balance, December 31, 2022 $ 4,251,016 $ 80,477 $ 163,944 $ 32,622 $ 75,374 $ — $ — $ 4,603,433

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about intangible assets [abstract]
Schedule of Intangibles	2022 2021 Cost $ 55,111 $ 55,108 Accumulated amortization (35,536 ) (31,193 ) $ 19,575 $ 23,915 Loan commitment fees related to Senior Credit Facility $ 1,408 $ 2,067 Software 18,167 21,848 $ 19,575 $ 23,915 Cost Loan Commitment Fees Software Total Balance, December 31, 2020 $ 16,168 $ 38,021 $ 54,189 Additions 913 — 913 Foreign exchange — 6 6 Balance, December 31, 2021 17,081 38,027 55,108 Additions — — — Foreign exchange — 3 3 Balance, December 31, 2022 $ 17,081 $ 38,030 $ 55,111 Accumulated Amortization Loan Commitment Fees Software Total 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 Amortization expense 659 3,668 4,327 Foreign exchange — 16 16 Balance, December 31, 2022 $ 15,673 $ 19,863 $ 35,536

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Long Term Debt [Abstract]
Long-Term Debt	2022 2021 2022 2021 U.S. Denominated Facilities Canadian Facilities and Translated Current Portion of Long-Term Debt Canadian Real Estate Credit Facility US$ — US$ — $ 1,333 $ 1,333 U.S. Real Estate Credit Facility 704 704 954 890 US$ 704 US$ 704 $ 2,287 $ 2,223 Long-Term Debt Senior Credit Facility US$ 44,000 US$ 118,000 $ 59,620 $ 149,206 Canadian Real Estate Credit Facility — — 16,334 17,667 U.S. Real Estate Credit Facility 8,389 9,093 11,368 11,498 Unsecured Senior Notes: 7.125% senior notes due 2026 347,765 347,765 471,225 439,735 6.875% senior notes due 2029 400,000 400,000 542,004 505,784 US$ 800,154 US$ 874,858 1,100,551 1,123,890 Less net unamortized debt issue costs (14,581 ) (17,096 ) $ 1,085,970 $ 1,106,794 Senior Credit Facility Unsecured Senior Notes Canadian Real Estate Credit Facility U.S. Real Estate Credit Facility Debt Issue Costs and Original Issue Discount Total Balance December 31, 2020 $ 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 and 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 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 Changes from financing cash flows: Proceeds from Senior Credit Facility 144,889 — — — — 144,889 Repayment of Senior Credit Facility (248,500 ) — — — — (248,500 ) Repayment of Real Estate Credit Facility — — (1,333 ) (916 ) — (2,249 ) Non-cash Amortization of debt issue costs — — — — 2,528 2,528 Foreign exchange 14,025 67,710 — 850 (13 ) 82,572 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257 Current — — 1,333 954 — 2,287 Long-term 59,620 1,013,229 16,334 11,368 (14,581 ) 1,085,970 Balance December 31, 2022 $ 59,620 $ 1,013,229 $ 17,667 $ 12,322 $ (14,581 ) $ 1,088,257
Long-Term Debt Obligations	Precision’s c u 2023 $ 2,287 2024 2,287 2025 71,367 2026 484,893 Thereafter 542,004 $ 1,102,838
Schedule of Listing of Currently Applicable Restrictive and Financial Covenants	At December 31, 2022, Precision was in compliance with the covenants of the Senior Credit Facility, Real Estate Credit Facilities and unsecured senior notes. Covenant At December 31, 2022 Senior Credit Facility Consolidated senior debt to consolidated covenant EBITDA (1) ≤ 0.22 Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Real Estate Credit Facility Consolidated covenant EBITDA to consolidated interest expense ≥ 4.80 Unsecured Senior Notes Consolidated interest coverage ratio ≥ 3.62 (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, 2022
Finance Costs [Abstract]
Summary of Finance Charges	2022 2021 Interest: Long-term debt $ 81,060 $ 78,921 Lease obligations 2,934 2,764 Other 968 80 Income (323 ) (210 ) Amortization of debt issue costs 3,174 9,876 Finance charges $ 87,813 $ 91,431

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Leases [Abstract]
Summary of Right-of-Use-Assets	Precision recognizes right-of-use Real Estate Vehicles and Equipment Total 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 Additions 1,662 5,410 7,072 Acquired 6,990 — 6,990 Depreciation (3,730 ) (3,535 ) (7,265 ) Lease remeasurements (372 ) 189 (183 ) Effect of foreign currency exchange differences 1,483 495 1,978 Balance, December 31, 2022 $ 46,496 $ 13,536 $ 60,032
Expected Non-cancellable Undiscounted Operating Lease Payments	Expected non-cancellable 2022 2021 Less than one year $ 10,985 $ 10,782 One to five years 28,977 29,327 More than five years 8,628 2,391 $ 48,590 $ 42,500
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, 2022. Less than one year $ 481,848 One t 746,480 More than five years 37,642 $ 1,265,970

Share Based Compensation Plans

Share Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
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 Performance Share Units Non- Management Directors’ DSUs Total 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 Expensed during the period 34,555 87,297 4,172 7,623 133,647 Settlement in shares — — (14,083 ) — (14,083 ) Reclassification from equity-settled plans — — (406 ) — (406 ) Payments (14,372 ) (7,960 ) (6,190 ) — (28,522 ) Foreign exchange (43 ) (3 ) — — (46 ) Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345 Current 26,330 64,882 — — 91,212 Long-term 11,860 35,976 — 12,297 60,133 Balance, December 31, 2022 $ 38,190 $ 100,858 $ — $ 12,297 $ 151,345
Summary of Shares Outstanding Under Share Based Incentive Plans	A summary of the RSUs and PSUs outstanding under these share-based incentive plans is pr e RSUs Outstanding PSUs Outstanding 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 Granted 180,710 311,579 Redeemed (266,876 ) (143,659 ) Forfeited (16,822 ) (14,983 ) December 31, 2022 495,168 1,136,671
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, 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 Exercised (26,705 ) 87.00 – 89.20 88.62 Forfeited (65,845 ) 89.20 – 286.20 141.05 December 31, 2022 23,055 $ 87.00 – 145.97 $ 113.01 23,055 U.S. Share Options Options Outstanding Range of Exercise Prices (US$) Weighted Average Exercise Price (US$) Options Exercisable 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 Exercised (93,890 ) 51.20 – 68.80 61.64 Forfeited (32,205 ) 115.80 – 115.80 115.80 December 31, 2022 141,748 $ 51.20 – 111.47 $ 84.84 141,748
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 Remaining Contractual Life (Years) Number Weighted Average Exercise Price $ 12,885 $ 87.00 2.15 12,885 $ 87.00 10,170 145.97 1.13 10,170 145.97 $ 23,055 $ 113.01 1.70 23,055 $ 113.01 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$) $ 83,993 $ 66.99 2.03 83,993 $ 66.99 57,755 110.81 1.08 57,755 110.81 $ 141,748 $ 84.84 1.64 141,748 $ 84.84
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, 2020 77,574 Granted 27,017 Balance December 31, 2021 104,591 Granted 14,183 Balance December 31, 2022 118,774 Equity Settled Plans
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, 2020 288,707 Redeemed (96,355 ) Forfeited (2,388 ) December 31, 2021 189,964 Redeemed (189,964 ) December 31, 2022 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 Loss before income taxes $ (14,143 ) $ (182,782 ) Federal and provincial statutory rates 24 % 24 % Tax at statutory rates $ (3,394 ) $ (43,868 ) Adjusted for the effect of: Non-deductible 1,146 1,162 Non-taxable (379 ) (257 ) Impact of foreign tax rates (2,559 ) (1,474 ) Withholding taxes 1,026 937 Taxes related to prior years 1,718 (1,467 ) Tax assets not recognized 22,592 37,924 Other — 1,647 Income tax expense (recovery) $ 20,150 $ (5,396 )
Summary of Net Deferred Tax Liability	The net deferred tax liability is comprised of the tax effect of the following temporary differences: 2022 2021 Deferred tax liability: Property, plant and equipment and intangibles $ 364,278 $ 359,383 Debt issue costs 1,303 1,457 Partnership deferrals 21,768 11,082 Other 6,284 6,221 393,633 378,143 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 28,946 $ 12,219 Deferred tax assets: Losses (expire from time to time up to 204 2 $ 318,967 $ 340,406 Long-term incentive plan 36,542 14,264 Other 9,633 12,121 365,142 366,791 Offsetting of assets and liabilities (364,687 ) (365,924 ) $ 455 $ 867
Summary of Movement in Temporary Differences of Deferred Tax Liabilities	Property, Partnership Other Losses Debt Issue Long-Term Other Net 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 ) Foreign 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 Recognized in net earnings (loss) (10,047 ) 10,686 51 33,827 (154 ) (21,583 ) 3,008 15,788 Foreign exchange 14,942 — 12 (12,388 ) — (695 ) (520 ) 1,351 Balance, December 31, 2022 $ 364,278 $ 21,768 $ 6,284 $ (318,967 ) $ 1,303 $ (36,542 ) $ (9,633 ) $ 28,491
Summary of Deferred Tax Asset Not Recognized	Accordingly, the Corporation has not recognized a deferred tax asset for the following items: 2022 2021 Tax losses (Capital) $ 29,255 $ 29,363 Tax losses (Income) 134,588 96,671 Deductible temporary differences 5,224 4,153 Total $ 169,067 $ 130,187

Provisions and Other (Tables)

Provisions and Other (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of other provisions [abstract]
Disclosure of Provisions and Other	Workers’ Compensation Balance December 31, 2020 $ 8,308 Expensed during the year 3,296 Payment of deductibles and uninsured claims (2,815 ) Foreign exchange (71 ) Balance December 31, 2021 8,718 Expensed during the year 7,615 Payment of deductibles and uninsured claims (5,229 ) Foreign exchange 643 Balance December 31, 2022 $ 11,747 2022 2021 Current $ 4,209 $ 2,205 Long-term 7,538 6,513 $ 11,747 $ 8,718

Shareholders' Capital (Tables)

Shareholders' Capital (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
Schedule of Issued Capital	(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, 2020 13,459,593 $ 2,285,738 Share repurchase (155,168 ) (4,294 ) Balance, December 31, 2021 13,304,425 $ 2,281,444 Share repurchase (130,395 ) (10,010 ) Settlement of Executive PSUs 263,900 14,083 Share options exercised 120,595 14,016 Balance, December 31, 2022 13,558,525 $ 2,299,533

Per Share Amounts (Tables)

Per Share Amounts (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 Net loss – basic and diluted $ (34,293 ) $ (177,386 ) (Stated in thousands) 2022 2021 Weighted average shares outstanding – basic and diluted 13,546 13,315

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2022
Text Block1 [Abstract]
Summary of Accumulated Other Comprehensive Income	Unrealized Foreign Currency Translation Gains 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, 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 Other comprehensive income (loss) 106,669 (81,735 ) — 24,934 December 31, 2022 $ 579,070 $ (424,754 ) $ 5,398 $ 159,714

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions [abstract]
Compensation of Key Management Personnel	The remuneration of key management personnel is as follows: 2022 2021 Salaries and other benefits $ 6,132 $ 6,591 Equity-settled share-based compensation 441 5,554 Cash-settled share-based compensation 60,796 18,741 $ 67,369 $ 30,886

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 Balance, January 1, $ 585 $ 862 Impairment loss recognized 1,167 29 Amounts written-off (23 ) (70 ) Impairment loss reversed (31 ) (231 ) Effect of movement in exchange rates 34 (5 ) Balance, December 31, $ 1,732 $ 585
Summary of Ageing of Trade Receivables	The ageing of trade receivables at December 31 w a 2022 2021 Gross Provision for Impairment Gross Provision for Impairment Not past due $ 224,872 $ 2 $ 117,618 $ 1 Past due 0 – 30 days 54,578 16 27,235 5 Past due 31 – 120 days 18,845 1,400 8,524 474 Past due more than 120 days 766 314 105 105 $ 299,061 $ 1,732 $ 153,482 $ 585
Summary of Financial Instruments were Denominated in U S Dollars	The following financial instruments were denominated in U.S. dollars: 2022 2021 Canadian Operations Foreign Operations Canadian Operations Foreign Operations Cash US$ 264 US$ 13,421 US$ 2,398 US$ 17,382 Accounts receivable 215 175,543 14 115,614 Accounts payable and accrued liabilities (28,041 ) (101,531 ) (29,427 ) (81,971 ) Long-term liabilities, excluding long-term incentive plans (1) — (14,542 ) — (14,781 ) Net foreign currency exposure US$ (27,562 ) US$ 72,891 US$ (27,015 ) US$ 36,244 Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss) $ (276 ) $ — $ (270 ) $ — Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on comprehensive loss $ — $ 729 $ — $ 362 (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, 2022: 2023 2024 2025 2026 2027 Thereafter Total Accounts payable and accrued liabilities $ 392,053 $ — $ — $ — $ — $ — $ 392,053 Share-based compensation 94,403 62,189 31,245 — — — 187,837 Long-term debt 2,287 2,287 71,367 484,893 — 542,004 1,102,838 Interest on long-term debt (1) 77,774 77,774 77,313 54,401 37,263 38,816 363,341 Commitments 108,101 45,541 42,872 22,592 4,835 8,628 232,569 Total $ 674,618 $ 187,791 $ 222,797 $ 561,886 $ 42,098 $ 589,448 $ 2,278,638 (1) Excludes amortization of long-term debt issue costs.

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
	Dec. 31, 2022
Capital Management [Abstract]
Summary of Capitalisation and Ratio	As at December 31, 2022 and 2021, these ratios were as follows: 2022 2021 Long-term debt $ 1,085,970 $ 1,106,794 Shareholders’ equity 1,230,529 1,225,555 Total capitalization $ 2,316,499 $ 2,332,349 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, 2022
Disclosure Of Supplemental Information [Abstract]
Components of Changes in Non-cash Working Capital Balances	Components of changes in non-cash 2022 2021 Accounts receivable $ (143,832 ) $ (50,255 ) Inventory (10,482 ) 1,993 Accounts payable and accrued liabilities 121,878 44,986 $ (32,436 ) $ (3,276 ) Pertaining to: Operations $ (45,890 ) $ (13,018 ) Investments 13,454 9,742
Components of Accounts Receivable	The components of accounts receivable were as follows: 2022 2021 Trade $ 297,329 $ 152,897 Accrued trade 25,446 26,731 Prepaids and other 91,150 76,112 $ 413,925 $ 255,740
Components of Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities were as follows: 2022 2021 Accounts payable $ 136,360 $ 90,750 Accrued liabilities: Payroll 153,932 68,953 Other 101,761 64,420 $ 392,053 $ 224,123
Summary of Operating and General and Administrative Expenses	The following table presents operating and general and administrative expenses by nature: 2022 2021 Wages, salaries and benefits $ 735,566 $ 482,695 Wage subsidies — (24,108 ) Purchased materials, supplies and services 436,356 278,743 Share-based compensation 133,667 56,745 $ 1,305,589 $ 794,075 Allocated to: Operating expense $ 1,124,601 $ 698,144 General and administrative 180,988 95,931 $ 1,305,589 $ 794,075

Long-Term Debt Guarantors (Tabl

Long-Term Debt Guarantors (Tables)	12 Months Ended
	Dec. 31, 2022
Long Term Debt Guarantor Disclosure [Abstract]
Condensed Consolidated Statement of Financial Position	Statements of Financial Position Parent and Guarantor Subsidiaries 2022 2021 Assets Current assets $ 378,740 $ 219,013 Property, plant and equipment 1,959,329 1,909,951 Other non-current 97,691 79,033 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Current liabilities $ 365,025 $ 200,784 Long-term debt 1,085,970 1,106,794 Other non-current 144,477 87,411 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 2022 2021 Assets Accounts receivable, intercompany $ 52,649 $ 34,373 Short-term advances to affiliates 11,753 11,686 Parent and Guarantor Subsidiaries 2022 2021 Liabilities Accounts payable and accrued liabilities, intercompany $ 41,202 $ 33,820 Long-term advances from affiliates 183,330 128,606
Condensed Consolidated Statement of Net Earnings (Loss)	Statements of Loss Parent and Guarantor Subsidiaries 2022 2021 Revenue $ 1,474,824 $ 844,619 Expenses 1,196,168 690,149 Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization 278,656 154,470 Net loss (25,780 ) (171,030 )

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of subsidiaries [abstract]
Summary of Subsidiaries	Ownership Interest Country of Incorporation 2022 2021 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, 2022
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, 2022
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%
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%
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%
Rental Equipment [Member] | Bottom Of Range [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Salvage Value	0%
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

Business Combination - Summary

Business Combination - Summary Of The Allocation Of The Purchase Price (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Jul. 27, 2022
Disclosure of detailed information about business combination [line items]
Cash		$ 10,000
Accounts payable and accrued liabilities	$ 28,000
High Arctic Energy Services Inc [Member]
Disclosure of detailed information about business combination [line items]
Cash	10,200
Accounts payable and accrued liabilities	27,300
Fair value of consideration transferred	37,500	$ 38,000
Acquired Assets
Right-of-use assets	6,990
Assumed Liabilities
Lease obligations	(6,990)
Fair value of Acquired Net Assets	37,500
High Arctic Energy Services Inc [Member] | Rig Equipment [Member]
Acquired Assets
Property, plant and equipment recognised as of acquisition date	32,796
High Arctic Energy Services Inc [Member] | Vehicles [member]
Acquired Assets
Property, plant and equipment recognised as of acquisition date	900
High Arctic Energy Services Inc [Member] | Buildings [member]
Acquired Assets
Property, plant and equipment recognised as of acquisition date	1,457
High Arctic Energy Services Inc [Member] | Land [member]
Acquired Assets
Property, plant and equipment recognised as of acquisition date	$ 2,347

Business Combination - Addition

Business Combination - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jul. 27, 2022
Disclosure of detailed information about business combination [line items]
Cash Payment		$ 10,000
Accounts payable and accrued liabilities	$ 28,000
High Arctic Energy Services Inc [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	37,500	$ 38,000
Cash Payment	10,200
Accounts payable and accrued liabilities	27,300
Acquisition-related costs	$ 1,000

Summary of Reconciliation of Di

Summary of Reconciliation of Disaggregated Revenue by Primary Geographical Market (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 1,617,194	$ 986,847
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	1,436,134	877,943
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	187,171	113,488
Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(6,111)	(4,584)
Canada [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	725,560	443,772
Canada [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	562,586	347,562
Canada [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	169,042	100,788
Canada [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(6,068)	(4,578)
United States [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	745,630	398,024
United States [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	727,544	385,330
United States [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	18,129	12,700
United States [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	(43)	(6)
International [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	146,004	145,051
International [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	$ 146,004	$ 145,051

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, 2022	Dec. 31, 2021
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		$ 1,617,194	$ 986,847
Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		1,436,134	877,943
Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		187,171	113,488
Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		(6,111)	(4,584)
Day Rate Or Hourly Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		1,580,817	958,858
Day Rate Or Hourly Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		1,394,394	845,832
Day Rate Or Hourly Services [Member] | Completion and Production Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		187,171	113,488
Day Rate Or Hourly Services [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		(748)	(462)
Shortfall Payments Or Idle But Contracted [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		2,153	543
Shortfall Payments Or Idle But Contracted [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		2,153	543
Turnkey Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		31,723	17,086
Turnkey Drilling Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		31,723	17,086
Directional Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	[1]		7,871
Directional Services [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue	[1]		7,871
Other [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		2,501	2,489
Other [Member] | Contract Drilling Services [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		7,864	6,611
Other [Member] | Inter-Segment Eliminations [Member]
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items]
Revenue		$ (5,363)	$ (4,122)
[1]Directional drilling disposed in the third quarter of 2021

Summary of Operating Segments (

Summary of Operating Segments (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [Line Items]
Revenue	$ 1,617,194	$ 986,847
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	(14,143)	(182,782)
Depreciation and amortization	279,035	282,326
Gain on asset disposals	(29,926)	(8,516)
Total assets	2,876,123	2,661,752
All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	1,617,194	986,847
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	311,605	192,772
Depreciation and amortization	279,035	282,326
Gain on asset disposals	(29,926)	(8,516)
Total assets	2,876,123	2,661,752
Capital expenditures	184,250	75,941
Contract Drilling Services [Member]
Disclosure of operating segments [Line Items]
Revenue	1,436,134	877,943
Contract Drilling Services [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	1,436,134	877,943
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	397,753	231,532
Depreciation and amortization	255,286	256,072
Gain on asset disposals	(25,495)	(7,673)
Total assets	2,574,867	2,392,382
Capital expenditures	177,844	70,998
Completion and Production Services [Member]
Disclosure of operating segments [Line Items]
Revenue	187,171	113,488
Completion and Production Services [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	187,171	113,488
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	38,147	23,807
Depreciation and amortization	14,381	15,405
Gain on asset disposals	(3,233)	(525)
Total assets	179,226	127,233
Capital expenditures	5,325	4,452
Corporate and Other [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	(124,295)	(62,567)
Depreciation and amortization	9,368	10,849
Gain on asset disposals	(1,198)	(318)
Total assets	122,030	142,137
Capital expenditures	1,081	491
Inter-Segment Eliminations [Member]
Disclosure of operating segments [Line Items]
Revenue	(6,111)	(4,584)
Inter-Segment Eliminations [Member] | All Other Segments [Member]
Disclosure of operating segments [Line Items]
Revenue	$ (6,111)	$ (4,584)

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, 2022	Dec. 31, 2021
Disclosure of operating segments [abstract]
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	$ 311,605	$ 192,772
Depreciation and amortization	279,035	282,326
Gains (losses) on disposals of non-current assets	(29,926)	(8,516)
Foreign exchange	1,278	393
Finance charges	87,813	91,431
Loss on investments and other assets	(12,452)	400
Loss on redemption and repurchase of unsecured senior notes	0	9,520
Income taxes	20,150	(5,396)
Net loss	$ (34,293)	$ (177,386)

Summary of Operating Segments b

Summary of Operating Segments by Geographic Locations (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [Line Items]
Revenue	$ 1,617,194	$ 986,847
Total assets	2,876,123	2,661,752
United States [Member]
Disclosure of geographical areas [Line Items]
Revenue	745,630	398,024
Total assets	1,376,413	1,247,173
Canada [Member]
Disclosure of geographical areas [Line Items]
Revenue	725,560	443,772
Total assets	1,056,093	959,163
International [Member]
Disclosure of geographical areas [Line Items]
Revenue	146,004	145,051
Total assets	$ 443,617	$ 455,416

Schedule of Property, Plant and

Schedule of Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ 2,303,338	$ 2,258,391
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	2,083,446	2,074,185
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	15,977	20,597
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	11,465	17,088
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	3,380	3,204
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	38,949	44,009
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	117,535	67,884
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	32,586	31,424
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	6,906,771	6,503,721	$ 6,563,206
Gross [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	6,334,462	5,968,316	6,025,767
Gross [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	96,454	103,181	105,024
Gross [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	175,409	178,717	181,004
Gross [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	36,002	34,680	35,350
Gross [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	114,323	119,519	122,278
Gross [Member] | Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	117,535	67,884	60,572
Gross [Member] | Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	32,586	31,424	33,211
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(4,603,433)	(4,245,330)	(4,090,523)
Accumulated Depreciation [Member] | Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(4,251,016)	(3,894,131)	(3,755,973)
Accumulated Depreciation [Member] | Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(80,477)	(82,584)	(77,665)
Accumulated Depreciation [Member] | Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(163,944)	(161,629)	(153,686)
Accumulated Depreciation [Member] | Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	(32,622)	(31,476)	(30,372)
Accumulated Depreciation [Member] | Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment	$ (75,374)	$ (75,510)	$ (72,827)

Change in Property, Plant and E

Change in Property, Plant and Equipment (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	$ 2,258,391
Additions	187,000	$ 76,000
Ending Balance	2,303,338	2,258,391
Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	6,503,721	6,563,206
Additions	186,574	75,941
Disposals	(100,327)	(108,797)
Acquisitions	37,500
Foreign exchange	279,303	(26,629)
Ending Balance	6,906,771	6,503,721
Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(4,245,330)	(4,090,523)
Depreciation expense	268,102	272,036
Disposals	88,997	102,287
Foreign exchange	(178,998)	14,942
Ending Balance	(4,603,433)	(4,245,330)
Rig Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	2,074,185
Ending Balance	2,083,446	2,074,185
Rig Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	5,968,316	6,025,767
Additions	63,058	15,288
Disposals	(71,912)	(100,004)
Reclassifications	74,148	47,080
Acquisitions	32,796
Foreign exchange	268,056	(19,815)
Ending Balance	6,334,462	5,968,316
Rig Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(3,894,131)	(3,755,973)
Depreciation expense	250,885	248,564
Disposals	66,452	95,977
Foreign exchange	(172,452)	14,429
Ending Balance	(4,251,016)	(3,894,131)
Rental Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	20,597
Ending Balance	15,977	20,597
Rental Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	103,181	105,024
Additions	587
Disposals	(7,538)	(1,822)
Foreign exchange	224	(21)
Ending Balance	96,454	103,181
Rental Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(82,584)	(77,665)
Depreciation expense	5,196	6,741
Disposals	7,522	1,804
Foreign exchange	(219)	18
Ending Balance	(80,477)	(82,584)
Other Equipment [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	17,088
Ending Balance	11,465	17,088
Other Equipment [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	178,717	181,004
Additions	517	254
Disposals	(8,358)	(2,300)
Reclassifications	188	188
Foreign exchange	4,345	(429)
Ending Balance	175,409	178,717
Other Equipment [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(161,629)	(153,686)
Depreciation expense	6,894	10,410
Disposals	8,357	2,194
Foreign exchange	(3,778)	273
Ending Balance	(163,944)	(161,629)
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	3,204
Ending Balance	3,380	3,204
Vehicles [member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	34,680	35,350
Disposals	(873)	(543)
Acquisitions	900
Foreign exchange	1,295	(127)
Ending Balance	36,002	34,680
Vehicles [member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(31,476)	(30,372)
Depreciation expense	875	1,739
Disposals	873	543
Foreign exchange	(1,144)	92
Ending Balance	(32,622)	(31,476)
Buildings [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	44,009
Ending Balance	38,949	44,009
Buildings [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	119,519	122,278
Additions	141
Disposals	(9,461)	(2,454)
Acquisitions	1,457
Foreign exchange	2,667	(305)
Ending Balance	114,323	119,519
Buildings [Member] | Accumulated Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	(75,510)	(72,827)
Depreciation expense	4,252	4,582
Disposals	5,793	1,769
Foreign exchange	(1,405)	130
Ending Balance	(75,374)	(75,510)
Assets Under Construction [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	67,884
Ending Balance	117,535	67,884
Assets Under Construction [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	67,884	60,572
Additions	122,271	60,399
Disposals	2
Reclassifications	(74,336)	(47,268)
Foreign exchange	1,714	(5,819)
Ending Balance	117,535	67,884
Land [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	31,424
Ending Balance	32,586	31,424
Land [Member] | Gross [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Beginning Balance	31,424	33,211
Disposals	(2,187)	(1,674)
Acquisitions	2,347
Foreign exchange	1,002	(113)
Ending Balance	$ 32,586	$ 31,424

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($) shares $ / shares	Jul. 27, 2022 CAD ($)
Disclosure of detailed information about property, plant and equipment [Line Items]
Gains on disposals of assets	$ 30,000	$ 9,000
Purchase price			$ 10,000
Purchase of property, plant and equipment	184,250	75,941
Increase in property plant and equipment due to non cash equipment swaps	2,000	0
Additions other than through business combinations, property, plant and equipment	187,000	76,000
Gain loss on investments and other assets	$ 12,000	(400)
Cathedral Energy Services Ltd [Member]
Disclosure of detailed information about property, plant and equipment [Line Items]
Gains on disposals of assets		1,000
Purchase price		6,000
Cash Assistance For Growth And Expansion		$ 3,000
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		$ 0.6

Schedule of Intangibles (Detail

Schedule of Intangibles (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [Line Items]
Balance	$ 23,915
Loan commitment fees related to Senior Credit Facility	1,408	$ 2,067
Software	18,167	21,848
Balance	19,575	23,915
Gross [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	55,108	54,189
Balance	55,111	55,108
Additions	0	913
Foreign exchange	3	6
Gross [Member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	17,081	16,168
Balance	17,081	17,081
Additions	0	913
Gross [Member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	38,027	38,021
Balance	38,030	38,027
Foreign exchange	3	6
Accumulated Amortization [member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(31,193)	(26,523)
Balance	(35,536)	(31,193)
Foreign exchange	(16)
Amortization expense	(4,327)	(4,670)
Accumulated Amortization [member] | Loan Commitment Fees [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(15,014)	(14,059)
Balance	(15,673)	(15,014)
Amortization expense	(659)	(955)
Accumulated Amortization [member] | Software [Member]
Disclosure of detailed information about intangible assets [Line Items]
Balance	(16,179)	(12,464)
Balance	(19,863)	(16,179)
Foreign exchange	(16)
Amortization expense	$ (3,668)	$ (3,715)

Schedule of Long Term Borrowing

Schedule of Long Term Borrowings (Detail) $ in Thousands, $ in Thousands	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	$ 2,287	$ 704	$ 2,223	$ 704
Long-term debt, gross	1,100,551	800,154	1,123,890	874,858
Less net unamortized debt issue costs	(14,581)		(17,096)
Long-term debt	1,085,970		1,106,794
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	59,620	44,000	149,206	118,000
Canadian Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	1,333		1,333
Long-term debt, gross	16,334		17,667
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Current portion of long-term debt, gross	954	704	890	704
Long-term debt, gross	11,368	8,389	11,498	9,093
7.125% Senior Notes Due 2026 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	471,225	347,765	439,735	347,765
6.875% senior notes due 2029 [Member]
Disclosure of long term debt [Line Items]
Long-term debt, gross	$ 542,004	$ 400,000	$ 505,784	$ 400,000

Schedule of Long Term Borrowi_2

Schedule of Long Term Borrowings (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022
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) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of long term debt [Line Items]
Beginning balance	$ 1,109,017	$ 1,237,106
Changes from financing cash flows:
Proceeds from unsecured senior notes		482,064
Proceeds From Senior Credit Facility	144,889	194,277
Proceeds from Real Estate Credit Facility	(2,249)	20,000
Redemption and repurchase of unsecured senior notes		(676,058)
Repayment of Senior Credit Facility	(248,500)	(146,930)
Repayment of Real Estate Credit Facility		(1,883)
Debt issue costs	0	(9,450)
Loss on redemption and repurchase of unsecured senior notes	0	9,520
Amortization of debt issue costs	2,528	8,720
Original issue discount		201
Foreign exchange	82,572	(8,550)
Current	2,287	2,223
Long-term	1,085,970	1,106,794
Ending balance	1,088,257	1,109,017
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	149,206	95,041
Changes from financing cash flows:
Proceeds From Senior Credit Facility	144,889	194,277
Repayment of Senior Credit Facility	(248,500)	(146,930)
Foreign exchange	14,025	6,818
Long-term	59,620	149,206
Ending balance	59,620	149,206
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Beginning balance	945,519	1,141,638
Changes from financing cash flows:
Proceeds from unsecured senior notes		482,064
Redemption and repurchase of unsecured senior notes		(676,058)
Loss on redemption and repurchase of unsecured senior notes		9,520
Original issue discount	3,000	3,628
Foreign exchange	67,710	(15,273)
Long-term	1,013,229	945,519
Ending balance	1,013,229	945,519
Canadian Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	19,000
Changes from financing cash flows:
Proceeds from Real Estate Credit Facility	(1,333)	20,000
Repayment of Real Estate Credit Facility		(1,000)
Current	1,333	1,333
Long-term	16,334	17,667
Ending balance	17,667	19,000
U.S. Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Beginning balance	12,388	13,370
Changes from financing cash flows:
Proceeds from Real Estate Credit Facility	(916)
Repayment of Real Estate Credit Facility		(883)
Foreign exchange	850	(99)
Current	954	890
Long-term	11,368	11,498
Ending balance	12,322	12,388
Debt Issue Costs and Original Issue Discount [Member]
Disclosure of long term debt [Line Items]
Beginning balance	(17,096)	(12,943)
Changes from financing cash flows:
Debt issue costs		(9,450)
Amortization of debt issue costs	2,528	8,720
Original issue discount		(3,427)
Foreign exchange	(13)	4
Long-term	(14,581)	(17,096)
Ending balance	$ (14,581)	$ (17,096)

Long-Term Debt Maturities (Deta

Long-Term Debt Maturities (Detail) $ in Thousands	Dec. 31, 2022 CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 1,102,838
2023 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,287
2024 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	2,287
2025 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	71,367
2026 [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	484,893
Thereafter [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [Line Items]
Long-term debt, gross	$ 542,004

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, 2020	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of long term debt [Line Items]
Facility maturity period			2025-11	2025-11
Borrowings			$ 1,102,838
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. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, 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. These restricted payments baskets grow by, among other things, 50% of cumulative consolidated net earnings, and decrease by 100% of cumulative consolidated net losses as defined in the note agreements, and cumulative payments made to shareholders. At December 31, 2022, the governing net restricted payments basket was negative $363 million (2021 – negative $369 million), therefore limiting us from making any further dividend payments or share repurchases until the governing restricted payments basket once again becomes positive. During 2022, 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.
Maximum Consolidated Interest Coverage Ratio to incur additional indebtedness			2%				2%
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.
Net restricted payments basket			$ (363,000)		$ (369,000)
Proportion of ownership interest in subsidiary			100%	100%
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							44	$ 118
Borrowings maximum available letters of credit							200
Outstanding letters of credit				$ 56		$ 33
Senior Credit Facility [Member] | Future Assets [Member]
Disclosure of long term debt [Line Items]
Borrowings additional borrowing capacity							$ 300
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%				101%
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%				100%
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
Borrowings frequency of payments			Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022.	Interest is payable semi-annually on January 15 and July 15 of each year, commencing January 15, 2022.
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%				35%
Borrowings maximum percentage of principal amount redeemed			106.875%				106.875%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Amortization period of principal and interest payments	15 years	15 years
Minimum threshold to consolidated interest coverage ratio		1.15%
Credit facility amount withdrawn			$ 30,000		31,000
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Interest rate			6.875%				6.875%
Percentage of face value			99.253%	99.253%
Original issue discount			$ 3,000		$ 3,628

Schedule of Listing of Currentl

Schedule of Listing of Currently Applicable Restrictive and Financial Covenants (Detail)	12 Months Ended
	Dec. 31, 2022
Senior Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated senior debt to consolidated covenant EBITDA(1)	0.22%	[1]
Consolidated covenant EBITDA to consolidated interest expense	4.80%
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	2.50%
Unsecured Senior Notes [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	3.62%
Unsecured Senior Notes [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated interest coverage ratio	2%
Real Estate Credit Facility [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	4.80%
Real Estate Credit Facility [Member] | Bottom Of Range [Member]
Disclosure of long term debt [Line Items]
Consolidated covenant EBITDA to consolidated interest expense	2.50%
[1]For purposes of calculating the leverage ratio consolidated senior debt only includes secured indebtedness.

Wage Subsidies - Additional Inf

Wage Subsidies - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Wage Subsidies [Line Items]
Salary And Wage Subsidies Recognized	$ 0
Canadian Emergency Wage Subsidy Program [Member]
Disclosure of Wage Subsidies [Line Items]
Salary And Wage Subsidies Recognized		$ 24
Operating Expense Reduction Due To Wage Subsidies	21
General And Administrative Expense Reduction Due To Wage Subsidies	$ 3

Summary of Finance Charges (Det

Summary of Finance Charges (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest:
Long-term debt	$ 81,060	$ 78,921
Lease obligations	2,934	2,764
Other	968	80
Income	(323)	(210)
Amortization of debt issue costs	3,174	9,876
Finance charges	$ 87,813	$ 91,431

Summary of Right-of-Use-Assets

Summary of Right-of-Use-Assets (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	$ 51,440	$ 55,168
Additions	7,072	3,543
Acquired	6,990
Derecognition		(480)
Depreciation	(7,265)	(6,575)
Lease reclassification	(183)
Effect of foreign currency exchange differences	1,978	(216)
Ending Balance	60,032	51,440
Real Estate [member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	40,463	43,689
Additions	1,662	514
Acquired	6,990
Depreciation	(3,730)	(3,566)
Lease reclassification	(372)
Effect of foreign currency exchange differences	1,483	(174)
Ending Balance	46,496	40,463
Vehicles and Equipment [Member]
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning Balance	10,977	11,479
Additions	5,410	3,029
Derecognition		(480)
Depreciation	(3,535)	(3,009)
Lease reclassification	189
Effect of foreign currency exchange differences	495	(42)
Ending Balance	$ 13,536	$ 10,977

Leases - Additional Information

Leases - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases Disclosure [Line Items]
Cash outflow in relation to lease obligation	$ 10	$ 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	$ 774	$ 503
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, 2022	Dec. 31, 2021
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 48,590	$ 42,500
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	10,985	10,782
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	28,977	29,327
More than five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Non-cancellable undiscounted operating lease	$ 8,628	$ 2,391

Summary of Maturity Analysis of

Summary of Maturity Analysis of Lease Payments (Detail) $ in Thousands	Dec. 31, 2022 CAD ($)
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	$ 1,265,970
Less than one year [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	481,848
One to five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	746,480
More than five years [member]
Disclosure of finance lease and operating lease by lessee [Line Items]
Undiscounted lease payments	$ 37,642

Disclosure of Liability Classif

Disclosure of Liability Classified Plans (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	$ 60,755	$ 19,817
Expensed during the period	$ 133,647	56,513
Settlement in shares	(14,083)
Reclassification from equity-settled plans	$ (406)	(3,164)
Payments	(28,522)	(12,411)
Foreign exchange	(46)
Ending balance	151,345	60,755
Current	91,212
Long-term	60,133	26,728
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	18,050	6,624
Expensed during the period	34,555	17,168
Payments	(14,372)	(5,742)
Foreign exchange	(43)
Ending balance	38,190	18,050
Current	26,330
Long-term	11,860
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	21,524	4,751
Expensed during the period	$ 87,297	18,634
Settlement in shares	263,900
Payments	$ (7,960)	(1,861)
Foreign exchange	(3)
Ending balance	100,858	21,524
Current	64,882
Long-term	35,976
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	16,507	6,833
Expensed during the period	$ 4,172	17,646
Settlement in shares	(14,083)
Reclassification from equity-settled plans	$ (406)	(3,164)
Payments	(6,190)	(4,808)
Ending balance	0	16,507
Current	0
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	4,674	1,609
Expensed during the period	7,623	3,065
Payments		0
Ending balance	12,297	$ 4,674
Long-term	$ 12,297

Share Based Compensation Plan_2

Share Based Compensation Plans - Additional Information (Detail) $ in Thousands		12 Months Ended
	Jan. 01, 2023 shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2021 CAD ($) shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Option vesting period		3 years
Option expiration term		7 years
Net earnings (loss) | $		$ (34,293)	$ (177,386)
Number of other equity instruments exercised or vested in share-based payment arrangement		189,964
Number Of Deferred Share Units Outstanding		1,470	1,470
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
Number of other equity instruments exercised or vested in share-based payment arrangement		266,876	216,820
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
Number of other equity instruments exercised or vested in share-based payment arrangement		143,659	40,515
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share unit vesting period		3 years
Net earnings (loss) | $		$ 4,000	$ 18,000
Number of other equity instruments exercised or vested in share-based payment arrangement		189,964	96,355
Share based compensation number of shares vested		263,900
Restricted Share Units and Performance Share Units [member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Share based compensation number of shares vested	230,336

Summary of Shares Outstanding U

Summary of Shares Outstanding Under Share Based Incentive Plans (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Redeemed	(189,964)
Restricted Share Units (RSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	598,156	484,782
Granted	180,710	356,928
Redeemed	(266,876)	(216,820)
Forfeited	(16,822)	(26,734)
Ending balance	495,168	598,156
Performance Share Units (PSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	983,734	565,379
Granted	311,579	488,510
Redeemed	(143,659)	(40,515)
Forfeited	(14,983)	(29,640)
Ending balance	1,136,671	983,734
Deferred Share Units (DSUs) [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	104,591	77,574
Granted	14,183	27,017
Ending balance	118,774	104,591
Executive Performance Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Beginning balance	189,964	288,707
Redeemed	(189,964)	(96,355)
Forfeited		(2,388)
Ending balance	0	189,964

Summary of Status of Equity Inc

Summary of Status of Equity Incentive Plan (Detail)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options Outstanding, Beginning balance | shares	115,605	115,605	148,665	148,665
Options Outstanding, Exercised | shares	(26,705)	(26,705)
Options Outstanding, Forfeited | shares	(65,845)	(65,845)	(33,060)	(33,060)
Options Outstanding, Ending balance | shares	23,055	23,055	115,605	115,605
Weighted Average Exercise Price, Beginning balance	$ 123.35		$ 138.86
Weighted Average Exercise Price, Exercised	88.62
Weighted Average Exercise Price, Forfeitures	141.05		193.1
Weighted Average Exercise Price, Ending balance	$ 113.01		$ 123.35
Options exercisable | shares	23,055	23,055	115,605	115,605	141,156
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	$ 146.4		$ 286.2
Range of Exercise Prices, Exercised	89.2
Range of Exercise Prices, Forfeitures	286.2		286.2
Range of Exercise Prices, Ending balance	145.97		146.4
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, Exercised	87
Range of Exercise Prices, Forfeitures	89.2		89.2
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	267,843	267,843	283,793	283,793
Options Outstanding, Granted | shares	0	0	0	0
Options Outstanding, Exercised | shares	(93,890)	(93,890)
Options Outstanding, Forfeited | shares	(32,205)	(32,205)	(15,950)	(15,950)
Options Outstanding, Ending balance | shares	141,748	141,748	267,843	267,843
Weighted Average Exercise Price, Beginning balance		$ 80.43		$ 86.23
Weighted Average Exercise Price, Exercised		61.64
Weighted Average Exercise Price, Forfeitures		115.8		183.6
Weighted Average Exercise Price, Ending balance		$ 84.84		$ 80.43
Options exercisable | shares	141,748	141,748	257,854	257,854	239,521
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		$ 115.8		$ 183.6
Range of Exercise Prices, Exercised		68.8
Range of Exercise Prices, Forfeitures		115.8		183.6
Range of Exercise Prices, Ending balance		111.47		115.8
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		51.2		51.2
Range of Exercise Prices, Exercised		51.2
Range of Exercise Prices, Forfeitures		115.8		183.6
Range of Exercise Prices, Ending balance		$ 51.2		$ 51.2

Range of Exercise Prices for Op

Range of Exercise Prices for Options Outstanding (Detail)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2020 shares $ / shares
Canadian Share Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	23,055	23,055	23,055	115,605	115,605	148,665	148,665
Total options outstanding, Weighted average exercise price	$ 113.01	$ 113.01		$ 123.35		$ 138.86
Options exercisable, Number | shares	23,055	23,055	23,055	115,605	115,605	141,156	141,156
Canadian Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 89.2
Canadian Share Options [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] | 87.00 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 87
Total options outstanding, Number | shares	12,885	12,885	12,885
Total options outstanding, Weighted average exercise price	$ 87	$ 87
Total options outstanding, Weighted average remaining contractual life (years)	2 years 1 month 24 days	2 years 1 month 24 days
Options exercisable, Number | shares	12,885	12,885	12,885
Options exercisable, Weighted average exercise price	$ 87	$ 87
Canadian Share Options [Member] | 145.97 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices	$ 145.97
Total options outstanding, Number | shares	10,170	10,170	10,170
Total options outstanding, Weighted average exercise price	$ 145.97	$ 145.97
Total options outstanding, Weighted average remaining contractual life (years)	1 year 1 month 17 days	1 year 1 month 17 days
Options exercisable, Number | shares	10,170	10,170	10,170
Options exercisable, Weighted average exercise price	$ 145.97	$ 145.97
Canadian Share Options [Member] | 87.00 – 145.97 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	23,055	23,055	23,055
Total options outstanding, Weighted average exercise price	$ 113.01	$ 113.01
Total options outstanding, Weighted average remaining contractual life (years)	1 year 8 months 12 days	1 year 8 months 12 days
Options exercisable, Number | shares	23,055	23,055	23,055
Options exercisable, Weighted average exercise price	$ 113.01	$ 113.01
Canadian Share Options [Member] | 87.00 – 145.97 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	145.97
Canadian Share Options [Member] | 87.00 – 145.97 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	141,748	141,748	141,748	267,843	267,843	283,793	283,793
Total options outstanding, Weighted average exercise price			$ 84.84		$ 80.43		$ 86.23
Options exercisable, Number | shares	141,748	141,748	141,748	257,854	257,854	239,521	239,521
U.S. Share Options [Member] | Top of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 68.8
U.S. Share Options [Member] | Bottom Of Range [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Range of exercise prices		$ 51.2
U.S. Share Options [Member] | 51.20 – 85.40 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	83,993	83,993	83,993
Total options outstanding, Weighted average exercise price			$ 66.99
Total options outstanding, Weighted average remaining contractual life (years)	2 years 10 days	2 years 10 days
Options exercisable, Number | shares	83,993	83,993	83,993
Options exercisable, Weighted average exercise price			$ 66.99
U.S. Share Options [Member] | 51.20 – 85.40 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		$ 85.4
U.S. Share Options [Member] | 51.20 – 85.40 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		$ 51.2
U.S. Share Options [Member] | 100.40 – 111.47 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	57,755	57,755	57,755
Total options outstanding, Weighted average exercise price			$ 110.81
Total options outstanding, Weighted average remaining contractual life (years)	1 year 29 days	1 year 29 days
Options exercisable, Number | shares	57,755	57,755	57,755
Options exercisable, Weighted average exercise price			$ 110.81
U.S. Share Options [Member] | 100.40 – 111.47 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		$ 111.47
U.S. Share Options [Member] | 100.40 – 111.47 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		$ 100.4
U.S. Share Options [Member] | 51.20 – 111.47 Range of Exercise Prices [Member]
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total options outstanding, Number | shares	141,748	141,748	141,748
Total options outstanding, Weighted average exercise price			$ 84.84
Total options outstanding, Weighted average remaining contractual life (years)	1 year 7 months 20 days	1 year 7 months 20 days
Options exercisable, Number | shares	141,748	141,748	141,748
Options exercisable, Weighted average exercise price			$ 84.84
U.S. Share Options [Member] | 51.20 – 111.47 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		$ 111.47
U.S. Share Options [Member] | 51.20 – 111.47 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		$ 51.2

Schedule of Provision for Incom

Schedule of Provision for Income Taxes (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Loss before income taxes	$ (14,143)	$ (182,782)
Federal and provincial statutory rates	24%	24%
Tax at statutory rates	$ (3,394)	$ (43,868)
Adjusted for the effect of:
Non-deductible expenses	1,146	1,162
Non-taxable capital gains	(379)	(257)
Impact of foreign tax rates	(2,559)	(1,474)
Withholding taxes	1,026	937
Taxes related to prior years	1,718	(1,467)
Tax assets not recognized	22,592	37,924
Other		1,647
Income taxes	$ 20,150	$ (5,396)

Summary of Net Deferred Tax Lia

Summary of Net Deferred Tax Liability (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liability:
Property, plant and equipment and intangibles	$ 364,278	$ 359,383
Debt issue costs	1,303	1,457
Partnership deferrals	21,768	11,082
Other	6,284	6,221
Deferred income tax liability	393,633	378,143
Offsetting of assets and liabilities	(364,687)	(365,924)
Deferred tax liabilities	28,946	12,219
Deferred tax assets:
Losses (expire from time to time up to 2042)	318,967	340,406
Long-term incentive plan	36,542	14,264
Other	9,633	12,121
Deferred income tax asset	365,142	366,791
Offsetting of assets and liabilities	(364,687)	(365,924)
Deferred tax assets	$ 455	$ 867

Summary of Deferred Tax Asset N

Summary of Deferred Tax Asset Not Recognized (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Tax losses (Capital)	$ 29,255	$ 29,363
Tax losses (Income)	134,588	96,671
Deductible temporary differences	5,224	4,153
Total	$ 169,067	$ 130,187

Summary of Movement in Temporar

Summary of Movement in Temporary Differences of Deferred Tax Liabilities (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	$ 11,352	$ 20,138
Recognized in net earnings (loss)	15,788	(8,599)
Foreign exchange	1,351	(187)
Ending Balance	28,491	11,352
Property, Plant and Equipment and Intangibles [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	359,383	393,631
Recognized in net earnings (loss)	(10,047)	(32,562)
Foreign exchange	14,942	(1,686)
Ending Balance	364,278	359,383
Partnership Deferrals [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	11,082	2,532
Recognized in net earnings (loss)	10,686	8,550
Ending Balance	21,768	11,082
Other Deferred Tax Liabilities [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	6,221	6,322
Recognized in net earnings (loss)	51	(99)
Foreign exchange	12	(2)
Ending Balance	6,284	6,221
Losses [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(340,406)	(370,439)
Recognized in net earnings (loss)	33,827	28,528
Foreign exchange	(12,388)	1,505
Ending Balance	(318,967)	(340,406)
Debt Issue Costs [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	1,457	2,665
Recognized in net earnings (loss)	(154)	(1,208)
Ending Balance	1,303	1,457
Long-Term Incentive Plan [member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(14,264)	(4,956)
Recognized in net earnings (loss)	(21,583)	(9,291)
Foreign exchange	(695)	(17)
Ending Balance	(36,542)	(14,264)
Other Deferred Tax Assets [Member]
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Beginning Balance	(12,121)	(9,617)
Recognized in net earnings (loss)	3,008	(2,517)
Foreign exchange	(520)	13
Ending Balance	$ (9,633)	$ (12,121)

Bank Indebtedness - Additional

Bank Indebtedness - Additional Information (Detail) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
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.
Top of range [member] | Secured Demand Letter of Credit [Member]
Disclosure of detailed information about financial instruments [Line Items]
Amount of increase (decrease) of the credit facility.		$ 40
Bottom of range [member] | Secured Demand Letter of Credit [Member]
Disclosure of detailed information about financial instruments [Line Items]
Amount of increase (decrease) of the credit facility.		30
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	28,000		7,000
15.0 Million Secured Operating Facilities [Member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		15		$ 15
Line of credit outstanding	0		0
40.0 Million Operating Facilities [member]
Disclosure of detailed information about financial instruments [Line Items]
Line of credit borrowing capacity		40		30
Line of credit outstanding	$ 0		$ 0
Letters of credit outstanding		$ 31		$ 3

Change in Provisions and Other

Change in Provisions and Other (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [abstract]
Beginning balance	$ 8,718	$ 8,308
Expensed during the year	7,615	3,296
Payment of deductibles and uninsured claims	(5,229)	(2,815)
Foreign exchange	643	(71)
Ending balance	$ 11,747	$ 8,718

Balance Sheet Classification of

Balance Sheet Classification of Provisions and Other (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [abstract]
Current	$ 4,209	$ 2,205
Long-term	7,538	6,513
Other provisions	$ 11,747	$ 8,718	$ 8,308

Schedule of Issued Capital (Det

Schedule of Issued Capital (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Beginning balance, shares	13,304,425	13,459,593
Share repurchase	(130,395)	(155,168)
Settlement of Executive PSUs, shares	(14,083)
Share options exercised, shares	120,595
Ending balance, shares	13,558,525	13,304,425
Beginning balance	$ 2,281,444	$ 2,285,738
Share repurchase	(10,010)	(4,294)
Share options exercised	14,016
Ending balance	$ 2,299,533	$ 2,281,444
Performance Share Units (PSUs) [Member]
Disclosure of classes of share capital [line items]
Settlement of Executive PSUs, shares	263,900
Settlement of Executive PSUs	$ 14,083

Shareholders Capital - Addition

Shareholders Capital - Additional Information (Detail) - CAD ($) $ in Millions		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		130,395
Percentage of share purchase and cancel		10%
Purchase and cancel of shares | $		$ 10
Events After Reporting Period [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel			155,168
Purchase and cancel of shares | $			$ 4
Major ordinary share transactions [member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel	15,888
Purchase and cancel of shares | $	$ 1
Top of Range [Member]
Disclosure Of Classes Of Share Capital [Line Items]
Number of share purchase and cancel		1,148,771

Summary of Per Share Amounts (D

Summary of Per Share Amounts (Detail) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Net loss – basic and diluted	$ (34,293)	$ (177,386)
Weighted average shares outstanding – basic	13,546	13,315
Weighted average shares outstanding – diluted	13,546	13,315

Summary of Accumulated Other Co

Summary of Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 134,780
Ending Balance	159,714	$ 134,780
Unrealized Foreign Currency Translation Gains (Losses) [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	472,401	483,657
Other comprehensive income (loss)	106,669	(11,256)
Ending Balance	579,070	472,401
Foreign Exchange Gain (Loss) on Net Investment Hedge [member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(343,019)	(351,474)
Other comprehensive income (loss)	(81,735)	8,455
Ending Balance	(424,754)	(343,019)
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	5,398
Ending Balance	5,398	5,398
Accumulated Other Comprehensive Income [Member]
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	134,780	137,581
Other comprehensive income (loss)	24,934	(2,801)
Ending Balance	$ 159,714	$ 134,780

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employees Benefit [Abstract]
Individual contributions under defined contribution pension plan	5%	3%
Total expense under the defined contribution plan	$ 11	$ 6

Compensation of Key Management

Compensation of Key Management Personnel (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Salaries and other benefits	$ 6,132	$ 6,591
Equity-settled share-based compensation	441	5,554
Cash-settled share-based compensation	60,796	18,741
Key management personnel compensation	$ 67,369	$ 30,886

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	$ 184	$ 137
2022 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	97
2023 [Member]
Disclosure of capital commitments [Line Items]
Commitments to purchase property, plant and equipment	36
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, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2022 CAD ($) Customer	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2021 CAD ($) Customer
Disclosure of detailed information about financial instruments [Line Items]
Number of customers | Customer			0	0
Percentage concentration risk rate	10%
Percentage of change in interest rates	1%
Impact on net income due to changes in interest rate	$ 1	$ 2
Fair value of unsecured senior notes				$ 965		$ 969
One Customer [Member]
Disclosure of detailed information about financial instruments [Line Items]
Number of customers | Customer					1	1
Percentage concentration risk rate		10%
Senior Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn			$ 44		$ 118
Real Estate Credit Facility [Member]
Disclosure of detailed information about financial instruments [Line Items]
Credit facility amount withdrawn				30		$ 31
Credit Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Trade receivables				$ 24		$ 16

Summary of Expected Credit Loss

Summary of Expected Credit Loss Allowance (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Allowance For Doubtful Accounts [Abstract]
Beginning balance	$ 585	$ 862
Impairment loss recognized	1,167	29
Amounts written-off as uncollectible	(23)	(70)
Impairment loss reversed	(31)	(231)
Effect of movement in exchange rates	34	(5)
Ending balance	$ 1,732	$ 585

Summary of Ageing of Trade Rece

Summary of Ageing of Trade Receivables (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ 297,329	$ 152,897
Gross [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	299,061	153,482
Gross [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	224,872	117,618
Gross [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	54,578	27,235
Gross [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	18,845	8,524
Gross [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	766	105
Provision for Impairment [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	1,732	585
Provision for Impairment [Member] | Not Past Due [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	2	1
Provision for Impairment [Member] | Past Due 0 - 30 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	16	5
Provision for Impairment [Member] | Past Due 31 - 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	1,400	474
Provision for Impairment [Member] | Past Due More than 120 Days [Member]
Disclosure of provision matrix [Line Items]
Total Trade Receivables	$ 314	$ 105

Summary of Financial Instrument

Summary of Financial Instruments were Denominated in U S Dollars (Detail) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [Line Items]
Cash		$ 21,587	$ 40,588
Accounts receivable		413,925	255,740
Accounts payable and accrued liabilities		(392,053)	(224,123)
Canadian Operations [Member] | Currency Risk [Member]
Disclosure of detailed information about financial instruments [Line Items]
Cash		264	2,398
Accounts receivable		215	14
Accounts payable and accrued liabilities		(28,041)	(29,427)
Long-term liabilities, excluding long-term incentive plans		0	0
Net foreign currency exposure		(27,562)	(27,015)
Impact of $0.01 change in the U.S. dollar to Canadian dollar exchange rate on net earnings (loss)		(276)	(270)
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		13,421	17,382
Accounts receivable		175,543	115,614
Accounts payable and accrued liabilities		(101,531)	(81,971)
Long-term liabilities, excluding long-term incentive plans	[1]	(14,542)	(14,781)
Net foreign currency exposure		72,891	36,244
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		$ 729	$ 362
[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, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Disclosure of Nonderivative Financial Instruments [Line Items]
Long-term debt, gross		$ 800,154	$ 1,100,551	$ 874,858	$ 1,123,890
Liquidity risk [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			392,053
Share based compensation	$ 187,837
Long-term debt, gross			1,102,838
Interest on long-term debt	363,341
Commitments			232,569
Total			2,278,638
Liquidity risk [Member] | 2023 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			392,053
Share based compensation	94,403
Long-term debt, gross			2,287
Interest on long-term debt	77,774
Commitments			108,101
Total			674,618
Liquidity risk [Member] | 2024 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	62,189
Long-term debt, gross			2,287
Interest on long-term debt	77,774
Commitments			45,541
Total			187,791
Liquidity risk [Member] | 2025 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	31,245
Long-term debt, gross			71,367
Interest on long-term debt	77,313
Commitments			42,872
Total			222,797
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			484,893
Interest on long-term debt	54,401
Commitments			22,592
Total			561,886
Liquidity risk [Member] | 2027 [Member]
Disclosure of Nonderivative Financial Instruments [Line Items]
Accounts payable and accrued liabilities			0
Share based compensation	0
Long-term debt, gross			0
Interest on long-term debt	37,263
Commitments			4,835
Total			42,098
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			542,004
Interest on long-term debt	$ 38,816
Commitments			8,628
Total			$ 589,448

Capital Management - Summary of

Capital Management - Summary of Capitalization and Ratio (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Capitalisation [Abstract]
Long-term debt	$ 1,085,970	$ 1,106,794
Shareholders' equity	1,230,529	1,225,555
Total capitalization	$ 2,316,499	$ 2,332,349
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, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure Of Capitalisation [Line Items]
Cash	$ 21,587		$ 40,588
Senior Credit Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		$ 500,000		$ 500,000
Line of credit outstanding		44,000		118,000
Letters of credit outstanding		56,000		33,000
Secured Operating Facility [Member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity	115,000		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	$ 28,000		$ 7,000
30.0 Million Operating Facilities [member]
Disclosure Of Capitalisation [Line Items]
Line of credit borrowing capacity		40,000		40,000
Letters of credit outstanding		31,000		3,000
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, 2022	Dec. 31, 2021
Disclosure Of Change In Noncash Working Capital Balances [Abstract]
Accounts receivable	$ (143,832)	$ (50,255)
Inventory	(10,482)	1,993
Accounts payable and accrued liabilities	121,878	44,986
Non cash working capital	(32,436)	(3,276)
Operations	(45,890)	(13,018)
Investments	$ 13,454	$ 9,742

Components of Accounts Receivab

Components of Accounts Receivable (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable [Abstract]
Trade	$ 297,329	$ 152,897
Accrued trade	25,446	26,731
Prepaids and other	91,150	76,112
Trade and other current receivables	$ 413,925	$ 255,740

Components of Accounts Payable

Components of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable And Accrued Liabilities1 [Abstract]
Accounts payable	$ 136,360	$ 90,750
Accrued liabilities:
Payroll	153,932	68,953
Other	101,761	64,420
Accounts payable and accrued liabilities	$ 392,053	$ 224,123

Supplemental Information - Addi

Supplemental Information - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Supplemental Information [Line Items]
Operating expense	$ 1,124,601	$ 698,144
General and administrative expense	180,988	95,931
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	241,000	263,000
General and administrative expense	$ 8,000	$ 11,000

Summary of Operating and Genera

Summary of Operating and General and Administrative Expenses (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Expenses by nature [abstract]
Wages, salaries and benefits	$ 735,566	$ 482,695
Wage subsidies		(24,108)
Purchased materials, supplies and services	436,356	278,743
Share-based compensation	133,667	56,745
Operating and general and administrative expenses	1,305,589	794,075
Allocated to:
Operating expense	1,124,601	698,144
General and administrative	180,988	95,931
Operating and general and administrative expenses	$ 1,305,589	$ 794,075

Contingencies and Guarantees -

Contingencies and Guarantees - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
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) $ in Thousands	Dec. 31, 2022 CAD ($)
Disclosure of subsidiaries [line items]
Borrowings	$ 1,102,838
Unsecured Senior Notes [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	1,013,000
Unsecured Senior Notes Outstanding Due in 2026 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	471,000
Unsecured Senior Notes Outstanding Due in 2029 [Member] | Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [line items]
Borrowings	$ 542,000

Statements of Financial Positio

Statements of Financial Position (Detail) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Current assets	$ 470,670	$ 319,757
Property, plant and equipment	2,303,338	2,258,391
Accounts receivable, intercompany	413,925	255,740
Liabilities and shareholders' equity
Current liabilities	410,029	238,120
Long-term debt	1,085,970	1,106,794
Accounts payable and accrued liabilities, intercompany	392,053	224,123
Parent And Guarantor Subsidiaries [Member]
Assets
Current assets	378,740	219,013
Property, plant and equipment	1,959,329	1,909,951
Other non-current assets	97,691	79,033
Accounts receivable, intercompany	52,649	34,373
Short-term advances to affiliates	11,753	11,686
Liabilities and shareholders' equity
Current liabilities	365,025	200,784
Long-term debt	1,085,970	1,106,794
Other non-current liabilities	144,477	87,411
Accounts payable and accrued liabilities, intercompany	41,202	33,820
Long-term advances from affiliates	$ 183,330	$ 128,606

Statements of Loss (Detail)

Statements of Loss (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of subsidiaries [Line Items]
Revenue	$ 1,617,194	$ 986,847
Expenses	1,124,601	698,144
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	311,605	192,772
Net loss	(34,293)	(177,386)
Parent And Guarantor Subsidiaries [Member]
Disclosure of subsidiaries [Line Items]
Revenue	1,474,824	844,619
Expenses	1,196,168	690,149
Earnings before income taxes, loss on redemption and repurchase of unsecured senior notes, loss (gain) on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization	278,656	154,470
Net loss	$ (25,780)	$ (171,030)

Summary of Subsidiaries (Detail

Summary of Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Precision Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Drilling Canada Limited Partnership [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Diversified Oilfield Services Corp [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Canada
Ownership Interest	100%	100%
Precision Drilling (US) Corporation [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Drilling Holdings Company [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Drilling Company LP [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Precision Completion and Production Services Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	United States
Ownership Interest	100%	100%
Grey Wolf Drilling Limited [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100%	100%
Grey Wolf Drilling Barbados Ltd [Member]
Disclosure of subsidiaries [Line Items]
Country of incorporation	Barbados
Ownership Interest	100%	100%