Precision Drilling ups capital spending

CALGARY — Precision Drilling Corp. said Monday it is increasing its 2014 capital spending by about 23 per cent and that it’s been awarded several new international contracts.

The company, which provides drilling and other support services to the oil and gas industry, says its budget for this year will be $634 million — a $119 million increase from its forecast released just last month.

The new plan includes $320 million for expansion capital, $195 million for sustaining and infrastructure spending, and $119 million to upgrade existing rigs.