Precision Drilling books fewer losses
CALGARY, February 9, 2017 – Precision Drilling Corporation announced on Thursday smaller year-on-year losses for both Q4 and the full year 2016.
The Canadian firm reported CAD 31 million (USD 23.5 million) in net losses for Q4, down from a loss of CAD 271 million (USD 206 million) over the same period in 2015. For the entire year, it lost some CAD 156 million (USD 119 million), less than half of the CAD 363 million (USD 276 million) it recorded in 2015.
While Q4 revenue was down 18% year-on-year, company executives said activity in the US, a key market, was picking up.
“Precision’s activity levels are underpinned by strengthening customer demand for our pad walking Super Series rigs, and reflective of our organization’s ability to respond, activating over 100 rigs since our trough activity levels in the second quarter of 2016,” CEO Kevin Neveu said in a statement.
“I am very pleased to report that Precision has managed this rebound with essentially no increase in fixed costs or reactivation charges.”
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