Precision Drilling had $47 million net loss for third quarter

CALGARY - Precision Drilling Corp. had a $47 million net loss for the third quarter as revenue declined 45 per cent from last year.

The loss amounted to 16 cents per share, which was an improvement from the Calgary-based drilling company's 2015 third quarter loss of $87 million or 30 cents per share.

Revenue declined in all of Precision Drilling's operations, with the total falling to $202 million from $364 million in the third quarter of 2015.

The company's adjusted earnings were down 63 per cent from last year, dropping to $41 million from $111 million. Revenue per operating hour dropped to $599 from $786, a decline of nearly 24 per cent.

Despite the bleak results in the quarter ended Sept. 30, Precision Drilling's chief executive says customer sentiment has improved along with strengthening commodity prices.

Kevin Neveu says the company is seeing that in conversations with customers, but more importantly in recent contract bookings.