Precision Drilling revenue jumps 25 pct as drilling activity rises

Thu Jul 24, 2014 6:23am EDT
 
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July 24 (Reuters) - Precision Drilling Corp , Canada's largest oil and gas drilling contractor, reported a 25 percent rise in quarterly revenue, helped by higher pricing and drilling activity in North America.

The company posted a loss of C$7 million ($6.5 million), or 2 Canadian cents per share, in the second quarter ended June 30, after it changed its method of calculating depreciation.

The change reduced earnings by about C$14 million, or 5 Canadian cents per share, the company said.

Precision Drilling reported a profit of C$473,000 - break-even on a per share basis - a year earlier.

Revenue rose to C$475 million from C$379 million. ($1 = 1.0720 Canadian Dollars) (Reporting by Anannya Pramanick and Tanvi Mehta in Bangalore; Editing by Sriraj Kalluvila)