Oct 27 (Reuters) - Canadian rig contractor Precision Drilling Corp PD.TO PDS.N reported a smaller-than-expected loss on Friday as drilling activity picked up in the United States on higher crude oil prices.
The company said it now operates 61 rigs in the United States, more than double from a year earlier. Precision Drilling currently has 49 active rigs in Canada.
Brent crude LCOc1 prices have raced higher and are hovering near $60, benefiting from OPEC-led output cuts and fall in U.S. inventories while U.S. light crude oil CLc1 prices averaged $48.03. O/R
Revenue from contract drilling services rose 46.4 percent to C$278.6 million and lifted the total revenue to C$314.5 million. loss narrowed to C$26.3 million ($20.4 million), or 9 Canadian cents per share, in the third quarter ended Sept. 30, from C$47.4 million, or 16 Canadian cents per share
Excluding items, the company reported a loss of 9 Canadian cents per share, smaller than the estimate of 12 Canadian cents per share, according to Thomson Reuters I/B/E/S. ($1 = C$1.29)