Trican Well Service reports lower Q4 revenue as oilfield slump drags on

The Trican Well Service Ltd. logo is seen in this undated handout photo. Trican Well Service Ltd. says an ongoing slump in oilfield activity linked to the COVID-19 pandemic resulted in lower revenue in the fourth quarter. THE CANADIAN PRESS/HO, Trican Well Service Ltd. *MANDATORY CREDIT*

CALGARY - Trican Well Service Ltd. says an ongoing slump in Canadian oilfield activity linked to the COVID-19 pandemic resulted in lower revenue in the fourth quarter.

The Calgary-based well completion company says consolidated revenue from continuing operations fell to $103 million from $163 million in the year-earlier period.

It is reporting a net loss of $25 million or 10 cents per share for the last three months of 2020, including a $22.3-million impairment charge on non-financial assets. That compares with a net loss of $20.9 million or seven cents in the same period of 2019.

Trican says it had adjusted earnings before interest, taxation, depreciation and amortization of $14.5 million, little changed from $14.6 million a year earlier, but beating analyst expectations for $9.7 million, according to financial data firm Refinitiv.

Its adjusted earnings include $4.9 million from the Canadian Emergency Wage Subsidy, bringing the total for the year to $13.8 million.

Trican says stronger demand allowed it to activate a sixth crew offering hydraulic fracturing or "fracking" well completions in early January.

This report by The Canadian Press was first published Feb. 23, 2021.

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