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Rig contractor Precision Drilling suspends dividend

Published 2016-02-11, 06:10 a/m
© Reuters.  Rig contractor Precision Drilling suspends dividend
PD
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Feb 11 (Reuters) - Canadian rig contractor Precision
Drilling Corp PD.TO suspended its dividend payments as the
company looks to boost its finances to cope with a 70 percent
fall in oil prices, which has hurt demand for its onshore rigs.
The company's net loss widened to C$271 million ($194
million), or 93 Canadian cents per share, in the fourth quarter
from C$114.0 million, or 39 Canadian cents per share, a year
earlier.
Revenue fell about 44 percent to C$345 million.
($1 = C$1.40)

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