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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.

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