Precision Drilling posts quarterly loss as rig demand drops

Thu Feb 12, 2015 6:18am EST
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Feb 12 (Reuters) - Precision Drilling Corp reported a loss for the fourth quarter as demand for its rigs declined, a knock-on effect of low oil prices.

Canada's largest drilling contractor posted a loss of C$114 million ($90.7 million), or 39 Canadian cents per share, for the quarter ended Dec. 31, compared with a profit of C$67.9 million, or 24 Canadian cents per share, a year earlier. ($1 = 1.2564 Canadian dollars) (Reporting By Kanika Sikka and Darshana Sankararaman in Bengaluru; Editing by Robin Paxton)