Precision Drilling Posts Bigger Loss, Hurt by Weak Activity

Reuters

July 21 (Reuters) – Canadian rig contractor Precision Drilling Corp posted a bigger quarterly loss, hurt by the lowest drilling activity in decades as oil producers slash spending.

The company's loss increased to C$57.7 million ($44.3 million), or 20 Canadian cents per share, for the second quarter ended June 30, from C$29.8 million, or 10 Canadian cents per share, a year earlier.

Revenue more than halved to about C$164 million. ($1 = C$1.3038)

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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