Canadian Manufacturing

Ensign Energy Services reports Q4 loss compared with a profit a year ago

The oilfield services company says it lost $162.9M per diluted share

March 9, 2020  The Canadian Press

CALGARY – Ensign Energy Services Inc. says it lost $71.6M in its latest quarter compared with a profit of $154.8 million in the same quarter a year earlier.

The oilfield services company says the loss amounted to 44 cents per diluted share for the quarter ended Dec. 31 compared with a profit of 98 cents per share in the last three months of 2018.

Revenue grew to $375.8M, up from $346.1 million in the fourth quarter of 2018.

For the full year, Ensign says it lost $162.9 million or $1.02 per diluted share. That compared with a profit of $58.7M or 37 cents per diluted share in 2018.

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Revenue for the full year totalled $1.59 billion, up from $1.16 billion in 2018.

Ensign acquired a 89.3% stake in Trinidad Drilling Ltd. in the fourth quarter of 2018 and the remaining 10.7% stake in the first quarter of 2019.