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Aug 10, 2020

Ensign Energy Q2 revenue drops 48%, Canada's share of revenue plunges

Ensign Rig 133, Fox Creek, Alberta

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CALGARY - Ensign Energy Services Inc. reported a $17.1-million net loss in its second quarter, as revenue fell by nearly half compared with the same time last year.

The loss amounted to 10 cents per share, an improvement on the year-earlier loss of $30.2 million or 20 cents per share due partly to a $52-million gain from repurchasing some outstanding debt.

However, adjusted earnings totalled $58.1 million or 36 cents per share, down from $101.8 million or 64 cents per share in the second quarter last year.

The Calgary-based contract drilling company says revenue for the quarter ended June 30 was $194.8 million, down from $377.5 million a year earlier.

Revenue from Canada dropped 66 per cent to $17.0 million, representing about nine per cent of the total.

Canadian drilling recorded a 71 per cent decrease in operating days compared with the second quarter last year and Canadian well servicing recorded a 66 per cent decline in operating hours, year-over-year.