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Company News

Precision Drilling's quarterly loss narrows

July 31 (Reuters) - Canadian rig contractor Precision Drilling Corp on Monday reported a smaller quarterly loss compared to a year earlier, helped by higher oil prices and strong demand from the United States and the Middle East.

The company’s net loss narrowed to C$36.1 million ($29 million), or 12 Canadian cents per share in the second quarter ended June 30, from C$57.7 million, or 20 Canadian cents per share, a year earlier.

Revenue rose to C$275.5 million from C$164 million. ($1 = 1.2468 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)

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