Precision Drilling reports third-quarter loss, but sees revenue up from year ago

Precision Drilling reports third-quarter loss, but sees revenue up from year ago
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CALGARY — Precision Drilling Corp. reported a loss of $31 million in its latest quarter compared with a loss of $26 million a year ago as its revenue improved by more than 20 per cent.

The Calgary-based company says the loss amounted to 10 cents per share for the quarter ended Sept. 30 compared with a loss of nine cents per share a year ago.

Revenue in the company’s third quarter totalled $382.5 million, up from $314.5 million.

The company says the increase in revenue was primarily due to higher activity and higher average day rates in its U.S. contract drilling business.

Drilling rig utilization days compared with a year ago increased 25 per cent in the U.S. and seven per cent in Canada.

Earlier this month, Precision Drilling announced a deal to acquire Trinidad Drilling Ltd. that it valued at roughly $1 billion, including the assumption of about $477 million in debt.

Companies in this story: (TSX:PD, TSX:TDG)

The Canadian Press

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