Ensign Energy Services reports over $70M loss in latest quarter

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 Calgary oilfield services company says the loss amounted to 44 cents per diluted share for the quarter which endedDec. 31.

The losswascompared 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.