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Company News

Precision Drilling posts smaller loss

Oct 27 (Reuters) - Canadian rig contractor Precision Drilling Corp on Friday reported a smaller third-quarter loss, helped by higher rig utilization and cost cuts.

Net loss narrowed to C$26.3 million ($20.4 million), or 9 Canadian cents per share, in the quarter ended Sept. 30, from C$47.4 million, or 16 Canadian cents per share.

Revenue rose to C$314.5 million from C$213.7 million. ($1 = C$1.29) (Reporting by Akshara P in Bengaluru; Editing by Savio D’Souza)

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