Precision Drilling posts loss on rig decommissioning charges

Thu Feb 14, 2013 6:17am EST
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Feb 14 (Reuters) - Precision Drilling Corp, Canada's largest oil and gas drilling contractor, posted a fourth-quarter loss, its first in nine quarters, as it recorded charges related to decommissioning of some of its less-efficient rigs.

The company posted a net loss of C$116 million ($115.7 million), or 42 Canadian cents per share, compared with a profit of C$28 million, or 10 Canadian cents per share, a year earlier.

Revenue rose 9 percent to C$534 million.

The company said in December it would record charges of between C$180 million and C$200 million in the fourth quarter as it decommissioned 52 lower-tier drilling rigs and exited the Tier 3 contract drilling business.