Precision Drilling sees activity rebound

CALGARY, April 25, 2017 – Canada’s Precision Drilling Corporation late on Thursday posted its financial results for the first quarter of 2017, announcing a 15% year-on-year increase in revenue to USD 346 million.

Compared with the same period last year, the company was able to put 47 additional rigs to work, bringing the number of active rigs to 131 and its total contract drilling fleet to 255.

Precision nonetheless saw its quarterly net loss widen from USD 19.8 million to USD 22.6 million. The company’s loss did not deter President and CEO Kevin Neveu from sounding upbeat.

“The rebound which began in mid-2016 has continued unabated through the first quarter of 2017. During the quarter, we activated 17 rigs in the U.S. growing from 39 to 56 operating rigs by the end of the quarter,” Nevue said in a press release, adding that the company was able to achieve a “seasonal peak of 91 active rigs” in Canada.

“With three consecutive quarters of increased activity, all signs point to a strengthening recovery,” Neveu also said.

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