Precision Drilling reports third-quarter loss

CALGARY – Precision Drilling Corp. reported a loss of $31 million in its latest quarter compared with a loss of $26 million a year ago as its revenue improved by more than 20 per cent.

The Calgary-based company says the loss amounted to 10 cents per share for the quarter ended Sept. 30 compared with a loss of nine cents per share a year ago.

Revenue in the company’s third quarter totalled $382.5 million, up from $314.5 million.

The company says the increase in revenue was primarily due to higher activity and higher average day rates in its U.S. contract drilling business.