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Precision Drilling reports $28.5M Q3 loss, revenue down 56% from year ago

Last Updated Oct 22, 2020 at 9:50 am MST

Trainees learn to lay down drill pipe on a rig floor at Precision Drilling in Nisku, Alta., on Friday, January 20, 2016. Shares in Precision Drilling Corp. jumped by 10 per cent on the Toronto Stock Exchange Thursday after it reported fourth-quarter revenue and earnings that beat expectations. THE CANADIAN PRESS/Jason Franson

CALGARY — Precision Drilling Corp. says it lost $28.5 million in its latest quarter as revenue fell 56 per cent compared with a year ago.

The Calgary-based oilfield services company says the loss amounted to 10 cents per diluted share for the quarter ended Sept. 30.

The result compared with a loss of $3.5 million or a penny per diluted share in the same quarter a year ago.

Revenue for its third quarter totalled $164.8 million, down from $375.6 million in the same quarter last year.

Precision says the drop in revenue came as customers cut drilling programs in response to the global economic slowdown.

The company had an average of 45 active drilling rigs in the third quarter, down from 47 in the second quarter and 123 in the third quarter of 2019.

This report by The Canadian Press was first published Oct. 22, 2020.

Companies in this story: (TSX:PD)

The Canadian Press