PRECISION DRILLING Corp

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING INFORMATION AND STATEMENTS

We disclose forward-looking information to help current and prospective investors understand our future prospects.

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

Our forward-looking information and statements in this AIF include, but are not limited to, the following:

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our outlook on oil and natural gas prices

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our expectations about drilling activity in North America and the Middle East and the market demand for drilling rigs

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anticipated demand for our drilling rigs

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plans for returns of capital to shareholders

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customer adoption of Alpha TM technologies and EverGreen TM suite of environmental solutions

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our future debt reduction plans

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expectations for implementation of additional EverGreen TMsolutions systems

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addition of a new female director to our Board in 2024

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the potential impact liquified natural gas export development could have on North American drilling activity

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our ability to remain compliant with our Senior Credit Facility and Real Estate Credit Facilities financial debt covenants

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our ability to react to customer spending plans as a result of changes in oil and natural gas prices

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target Net Debt to Adjusted EBITDA, and

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the impact of an increase/decrease in capital spending.

48 Precision Drilling Corporation 2023 Annual Information Form

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

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the fluctuation in oil prices may pressure customers into reducing or limiting their drilling budgets

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the status of current negotiations with our customers and vendors

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customer focus on safety performance

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existing term contracts are neither renewed nor terminated prematurely

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continued market demand for our drilling rigs

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our ability to deliver rigs to customers on a timely basis

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the impact of climate change on our business

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the general stability of the economic and political environments globally and in the jurisdictions where we operate, and

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the impact of an increase/decrease in capital spending.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

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volatility in the price and demand for oil and natural gas

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fluctuations in the level of oil and natural gas exploration and development activities

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fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services

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our customers’ inability to obtain adequate credit or financing to support their drilling and production activity

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changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage

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shortages, delays and interruptions in the delivery of equipment supplies and other key inputs

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liquidity of the capital markets to fund customer drilling programs

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availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed

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the physical, regulatory and transition impacts of climate change

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the impact of weather and seasonal conditions on operations and facilities

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competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services

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ability to improve our rig technology to improve drilling efficiency

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public health crises that impact demand for our services and our business

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general political, economic, market or business conditions

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the availability of qualified personnel and management

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a decline in our safety performance which could result in lower demand for our services

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business interruptions related to cybersecurity risks

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changes to, and new laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas

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terrorism, social, civil and political unrest globally or in the foreign jurisdictions where we operate

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fluctuations in foreign exchange, interest rates and tax rates, and

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other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the foregoing list of risk factors is not exhaustive. You can find more information about these and other factors that could affect our business, operations or financial results in this AIF under Risks in Our Business, starting on page 29 and in other reports on file with securities regulatory authorities from time to time which you can find in our profile on SEDAR+ (www.sedarplus.ca) or in our profile on EDGAR (www.sec.gov).

All of the forward-looking information and statements made in this AIF are expressly qualified by these cautionary statements. There can be no assurance that actual results or developments that we anticipate will be realized. We caution you not to place undue reliance on forward-looking information and statements. The forward-looking information and statements made in this AIF are made as of the date hereof. We will not necessarily update or revise this forward-looking information as a result of new information, future events or otherwise, unless we are required to by securities law.

Forward-looking information and statements in this AIF may also address our sustainability plans and progress. The inclusion of these statements is not an indication that these contents are necessarily material to investors and certain standards for measuring progress for sustainability are still developing (including for emissions disclosures).

Precision Drilling Corporation 2023 Annual Information Form 49

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