BRIEF-Savanna Energy Services says Q1 loss per share C$0.11

Tue May 3, 2016 5:49pm EDT
 
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May 3 (Reuters) - Savanna Energy Services Corp

* Savanna energy services Corp. announces first quarter 2016 results and continued debt reduction

* Q1 loss per share C$0.11

* Q1 earnings per share view C$-0.08 -- Thomson Reuters I/B/E/S

* Q1 revenue C$93.7 million versus I/B/E/S view C$90.2 million

* Amendment reduced size of total facility from $250 million to $150 million

* Reduction in size of facility will also lower stand-by costs going forward on undrawn $100 million

* In Q1 2016, Savanna amended credit agreement governing its senior secured revolving credit facility

* Amendment restricted company's ability to make dividend payments or share buy-backs until February 2018

* Annualized cost savings from restructuring efforts now expected to be about $58 million relative to co's 2014 exit run-rate Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)