Precision Q3 revenue rises as drilling ramps up
BNN Bloomberg
Precision Drilling Corp. says it lost $38 million in its latest quarter as drilling ramped up and revenue rose more than 50 per cent compared with a year ago.
CALGARY -- Precision Drilling Corp. says it lost $38 million in its latest quarter as drilling ramped up and revenue rose more than 50 per cent compared with a year ago.
The Calgary-based company says the loss amounted to $2.86 per diluted share for the year ended Sept. 30, compared with a loss of $28.5 million or $2.08 per diluted share in the same quarter last year.
Revenue totalled $253.8 million in the company's third quarter, up from $164.8 million a year earlier.
Precision, which is the largest drilling rig contractor in the country, says on average it had 51 active drilling rigs in Canada in the quarter, up from 18 in the same quarter last year.
In the U.S., the company had on average 41 active drilling rigs in the quarter, up from 21 a year earlier, while its international drilling business averaged six rigs, the same as a year ago.
In its outlook, Precision says that at current commodity prices it expects higher demand for its services and improved fleet utilization as customers look to maintain and replenish production levels.
