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PDS - Akita Drilling: Another Poorly Timed Acquisition Story
Precision Drilling Corporation
Note: Akita Drilling reports in CAD, and all numbers discussed are in CAD.
There seems to be a bit of an accidental theme with my writing right now, of hunting for deep-value names in Canadian energy, with the eye for balance sheet strength. As with Shawcor (SAWLF) (article here), Akita Drilling (AKTAF) certainly meets one of these two criteria (and that criteria is certainly not balance sheet strength). Akita fits the disheartening mold that many Canadian E+P companies fall under in 2020. They leveraged their balance sheet through what they