Oct 21 (Reuters) - Canadian rig contractor Precision Drilling Corp PD.TO PDS.N posted a smaller quarterly loss, helped by lower operating costs, and raised its capital budget for the year after winning new contracts.
Precision's net loss narrowed to C$47.4 million ($35.8 million), or 16 Canadian cents per share, from C$86.7 million, or 30 Canadian cents per share, a year earlier. company raised its 2016 capital expenditure budget to C$222 million from C$202 million.
Revenue fell 44.6 percent to C$201.8 million.
($1 = 1.3233 Canadian dollars)