Ensign Energy Services reports $43.6 million Q1 loss, revenue down 43 per cent from year ago

Source: Ensign Energy Services

Ensign Energy Services Inc. reported a loss attributable to common shareholders of $43.6 million in its latest quarter as its revenue fell 43 per cent compared with a year ago.

The drilling and well servicing company says the loss amounted to 27 cents per diluted share for the quarter ended March 31, compared with a loss attributable to common shareholders of $29.3 million or 18 cents per diluted share a year earlier.

Revenue for the quarter totalled $218.5 million, down from $383.9 million in the first three months of 2020.

Ensign says its Canadian drilling operations recorded 1,846 operating days in the first quarter of 2021, down from 3,102 days in the first quarter of 2020, while Canadian well servicing had 9,090 operating hours, down from 12,233 hours a year earlier.

The company's U.S. drilling operations had 2,581 operating days in the quarter, down from 5,141 days a year ago, while U.S. well servicing had 29,965 operating hours, down from 31,207 hours in the same quarter last year.

International drilling operations recorded 859 operating days in the first quarter of 2021, down from 1,438 days in first quarter of 2020.

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