Rig contractor Precision Drilling suspends dividend

Thu Feb 11, 2016 6:10am EST
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Feb 11 (Reuters) - Canadian rig contractor Precision Drilling Corp suspended its dividend payments as the company looks to boost its finances to cope with a 70 percent fall in oil prices, which has hurt demand for its onshore rigs.

The company's net loss widened to C$271 million ($194 million), or 93 Canadian cents per share, in the fourth quarter from C$114.0 million, or 39 Canadian cents per share, a year earlier.

Revenue fell about 44 percent to C$345 million. ($1 = C$1.40) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)