Ensign Energy Services reports Q4 loss compared with a profit a year ago

CALGARY — Ensign Energy Services Inc. says it lost $71.6 million in its latest quarter compared with a profit of $154.8 million in the same quarter a year earlier.

The oilfield services company says the loss amounted to 44 cents per diluted share for the quarter ended Dec. 31 compared with a profit of 98 cents per share in the last three months of 2018.

Revenue grew to $375.8 million, up from $346.1 million in the fourth quarter of 2018.

For the full year, Ensign says it lost $162.9 million or $1.02 per diluted share. That compared with a profit of $58.7 million or 37 cents per diluted share in 2018.

Revenue for the full year totalled $1.59 billion, up from $1.16 billion in 2018.

Ensign acquired a 89.3 per cent stake in Trinidad Drilling Ltd. in the fourth quarter of 2018 and the remaining 10.7 per cent stake in the first quarter of 2019.

This report by The Canadian Press was first published March 9, 2020.

Companies in this story: (TSX:ESI)

The Canadian Press

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