International News

Precision Drilling reports $19.8M Q3 profit, down from $30.7M a year ago

Precision Drilling Corp. reported a third-quarter profit of $19.8 million, down from $30.7 million a year earlier, as its revenue edged higher.

The company says the profit amounted to $1.45 per diluted share for the quarter ended Sept. 30, down from $2.03 per diluted share in the same quarter last year.

Revenue for the quarter totalled $446.8 million, up from $429.3 million a year earlier.

Precision Drilling says the 4.1 per cent increase in revenue compared with a year ago was due to further strengthening of drilling and service revenue rates, partially offset by lower activity.

Drilling rig utilization days in Canada were down 2.7 per compared with a year ago, while its U.S. operations saw a 27.8 per cent drop. International drilling rig utilization days were up 0.4 per cent compared with last year.

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The company says its service rig operating hours for the quarter were down 10.4 per cent from a year ago.

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