Precision Drilling Corp. reported a fourth-quarter profit of $3.5 million compared with a loss of $27.3 million a year ago as its revenue rose more than 70 per cent.

The company says the profit amounted to 27 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $2.05 per diluted share in the last three months of 2021.

Revenue totalled $510.5 million, up from $295.2 million a year earlier.

Precision says the increase in revenue was due to increased North American drilling and service activity and day rates.

Drilling rig utilization days in the U.S. rose 31 per cent compared with a year ago, while Canada saw an increase of 26 per cent compared with the fourth quarter of 2021. International drilling rig utilization days were unchanged compared with a year earlier. 

Well service activity was up 49 per cent compared with a year earlier.

This report by The Canadian Press was first published Feb. 9, 2023.