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UPDATE 1-Canada's Precision Drilling posts quarterly loss

Published 2016-04-25, 06:34 a/m
© Reuters. UPDATE 1-Canada's Precision Drilling posts quarterly loss
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(Adds details)
April 25 (Reuters) - Canadian rig contractor Precision
Drilling Corp PD.TO posted a first-quarter loss, compared with
a profit a year earlier, hurt by lower demand for rigs amid a
prolonged slump in oil prices.
The company said it received about C$23 million ($18
million) in the quarter for the cancellation of five rig
contract in the United States and in Canada.
Precision Drilling has now recorded a total of nine contract
cancellations since the downturn started towards the end of
2014.
"While the timing for a potential rebound remains uncertain,
we are turning our minds from cost reduction and downsizing to
stabilization and preparation for a rebound," Chief Executive
Kevin Neveu said in a statement on Monday.
Precision Drilling said it would deliver two rigs in Kuwait
one quarter ahead of schedule and expects to commission them in
the fourth quarter.
The company suspended its dividend in February in order to
strengthen liquidity during the downturn.
The company lost C$19.9 million, or 7 Canadian cents per
share, in the three months ended March 31. It earned C$24
million, or 8 Canadian cents per share, a year earlier.
Precision Drilling's revenue fell 41 percent to C$301.7
million in the latest quarter.
($1 = C$1.27)

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