(Calgary) Precision Drilling reduced its loss to 27.3 million in the fourth quarter, while it had been 37.5 million in the same period last year, while its revenues increased by 46%.
Posted at 2:30 p.m.
Loss per share for the quarter ended Dec. 31 was $2.05, compared to $2.74 for the fourth quarter of 2020.
Revenues totaled 295.2 million, up from 201.7 million in the same period a year earlier.
The revenue increase was due to an increase in drilling activity, which was partially offset by lower average revenue rates in the United States and elsewhere in the world.
Precision Drilling reported that its rig days have increased 74% in the United States and 84% in Canada.
Drilling rig service business was up 21% from the same period a year earlier.