Precision Drilling reports $18M Q1 loss, increases capital spending plan

CALGARY — Precision Drilling Corp. says it lost nearly $18.1 million in its first quarter compared with a loss of $22.6 million in the same quarter a year earlier as revenue grew, boosted by its U.S. operations.

Chief executive Kevin Neveu says as a result of increased demand in the U.S. the company is increasing its projected capital spending by $22 million.

Approximately half of the increase in spending will be allocated to expansion and upgrades to our drilling fleet, with the remainder related to maintenance expenditures.

The oilfield services company says the loss amounted to six cents per diluted share for the three months ended March 31 compared with a loss of eight cents per share a year earlier.

Revenue totalled $401 million, up from $368.7 million, boosted by its U.S. contract drilling business.

Precision says its drilling rig utilization days were up 38 per cent in the U.S., but fell five per cent in Canada.

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