Trican Well Service reports lower Q4 revenue as oilfield slump drags on

Image: Trican Well Service

Trican Well Service Ltd. says an ongoing slump in Canadian oilfield activity linked to the COVID-19 pandemic resulted in lower revenue in the fourth quarter.

The Calgary-based well completion company says consolidated revenue from continuing operations fell to $103 million from $163 million in the year-earlier period.

It is reporting a net loss of $25 million or 10 cents per share for the last three months of 2020, including a $22.3-million impairment charge on non-financial assets. That compares with a net loss of $20.9 million or seven cents in the same period of 2019.

Trican says it had adjusted earnings before interest, taxation, depreciation and amortization of $14.5 million, little changed from $14.6 million a year earlier, but beating analyst expectations for $9.7 million, according to financial data firm Refinitiv.

Its adjusted earnings include $4.9 million from the Canadian Emergency Wage Subsidy, bringing the total for the year to $13.8 million.

Trican says stronger demand allowed it to activate a sixth crew offering hydraulic fracturing or “fracking” well completions in early January.

© 2021 The Canadian Press

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