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Home Canadian Press Precision Drilling reports $198.3M Q4 loss due to one time charge

Precision Drilling reports $198.3M Q4 loss due to one time charge

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CALGARY, A.B. – Precision Drilling Corp. reported a loss of $198.3 million in its fourth quarter as it was hit by $208 million in goodwill impairment charges.

The oilfield services company says the loss amounted to 68 cents per diluted share for the quarter ended Dec. 31.

That compared with a loss of $47 million or 16 cents per share in the same quarter a year earlier.

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Revenue for the quarter totalled $427 million, up from $347.2 million.

Precision Drilling says it took the goodwill impairment charge due to a decrease in oil and natural gas well drilling in Canada and the outlook for activity in Canada and in its directional drilling division in the U.S.

Excluding the goodwill impairment charge, the company says it would have earned $1 million for the quarter.

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