Skip to main content

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 a share for the quarter ended Sept. 30 compared with a loss of nine cents a 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 because of 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 United States and 7 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.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 23/05/24 4:00pm EDT.

SymbolName% changeLast
PD-T
Precision Drilling Corp
-0.82%95.02

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe