February 15, 2018 / 11:16 AM / 9 months ago

BRIEF-Precision Drilling Corp Reports Q4 Loss Per Share C$0.16

Feb 15 (Reuters) - Precision Drilling Corp:

* ORATION ANNOUNCES 2017 FOURTH QUARTER AND YEAR-END UNAUDITED FINANCIAL RESULTS

* Q4 REVENUE ROSE 15 PERCENT TO C$347 MILLION

* EXITED 2017 WITH 63 ACTIVE RIGS IN U.S., REPRESENTING A 62% INCREASE FROM WHERE CO ENTERED YEAR

* ‍DURING CURRENT QUARTER INCURRED AN ASSET IMPAIRMENT CHARGE FOR $15 MILLION, RELATED TO MEXICO CONTRACT DRILLING BUSINESS​

* “PRICING MOMENTUM RETURNED DURING Q4 WITH WELL-TO-WELL AND TERM CONTRACT RENEWALS PRICING INTO HIGHER DAY RATES”

* ‍IN ADDITION, BECAUSE OF CHANGES IN U.S. TAX REGULATIONS, RECORDED A $16 MILLION FUTURE TAX EXPENSE IN QUARTER​

* Q4 EARNINGS PER SHARE VIEW C$-0.09, REVENUE VIEW C$333.5 MILLION — THOMSON REUTERS I/B/E/S

* “WITH CONFIRMED CUSTOMER CONTRACTS WE EXPECT OUR ACTIVE RIG COUNT WILL MOVE THROUGH 70 RIGS LATER THIS QUARTER”

* PRECISION DRILLING - ACTIVELY BIDDING 4 IDLE RIGS TO OPPORTUNITIES IN MIDDLE EAST REGION, PLAN TO GROW PRESENCE IN REGION ONLY IF FINANCIAL RETURNS WARRANT​

* PRECISION DRILLING - “WHILE OUR CURRENT ACTIVITY OF 85 RIGS” IN CANADA “IS SLIGHTLY LOWER THAN EXPECTED, OUR DEEP BASIN & HEAVY OIL ACTIVITY REMAINS ON TRACK”

* PRECISION DRILLING - ‍ANTICIPATE “STRONG” CUSTOMER ADOPTION IN PROCESS AUTOMATION CONTROL, DIRECTIONAL GUIDANCE SYSTEM TECHNOLOGY IN COMING 12 MONTHS​

* PRECISION DRILLING - ‍CURRENTLY HAVE 10-20 RIG UPGRADES SLATED FOR 2018, ALL ARE UNDER $3 MILLION PER RIG, EXPECT TO SPEND LESS THAN $34 MILLION ON UPGRADES​ Source text for Eikon: Further company coverage:

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