Company News

BRIEF-Precision Drilling Corporation announces 2017 third quarter results

Oct 27 (Reuters) - Precision Drilling Corp

* Precision Drilling Corporation announces 2017 third quarter financial results

* Q3 loss per share C$0.09

* Q3 earnings per share view C$-0.12 -- Thomson Reuters I/B/E/S

* Q3 revenue C$315 million versus I/B/E/S view C$323.5 million

* Precision drilling corp - Q3 capital expenditures were $23 million, with full year capital spending expected to be $104 million

* reduced 2017 capital spending program by $34 million to $104 million

* now plan to spend $39 million in upgrade capital which includes approximately 30 rig upgrades in 2017

* Precision drilling-volatile & lower than anticipated commodity prices caused industry rig activity to retract mid-Q3 with trend continuing in recent weeks

* Precision Drilling - in U.S. expect active rig count to return to 2017 peak levels later this year and into Q1 of 2018

* Precision Drilling - in Canada, while customer budgets have yet to firm up, early indications point to Q1 peak demand mirroring 2017 levels

* Precision Drilling - Q3 activity in Canada was slightly lower than expected due to weather delays and lack of urgency from customers

* Precision Drilling - Q3 Canada rig count rose to 57 rigs; expect activity to continue to trend higher heading into 2018 winter drilling season

* Precision Drilling Corp - “are actively bidding four idle rigs to attractive opportunities” in middle east Source text for Eikon: Further company coverage: