A big first quarter loss for Precision Drilling.
The Calgary-based oilfield services company lost 19.9-million dollars in its latest quarter, down from a profit of 24-million a year ago.
The company says the loss amounted to seven cents her share for the quarter ending March 31, compared with a profit of eight cents in the same quarter last year.
Precision Drilling says revenue from its contract drilling services and completion and production services segments both fell by 39 per cent and 57 per cent, respectively.
Since the downturn in the oil industry started in late 2014, the company has been hit with nine contract cancellations.