CALGARY – Trinidad Drilling Ltd. (TSX:TDG) saw its third-quarter net profit cut in half as the supplier and operator of oil and natural gas drilling rigs reported weaker activity in Canada, the United States and elsewhere.
Calgary-based Trinidad said net earnings in the three months ended Sept. 30 were $9.2 million or eight cents per share, down 54.1 per cent from $19.9 million, or 17 cents per share, in the year-earlier period.
Revenue was $208.7 million, off three per cent from the $215.1 million it record in the same 2012 quarter.
“In Canada, operating days were lower in the third quarter due largely to weaker customer demand,” the company said in its earnings report, issued after markets closed.
Activity levels for Trinidad’s U.S. and international operations were also lower in the current quarter and year to date when compared with 2012.
Despite that, however, the company’s U.S. fleet began to show signs of improvement in the third quarter as rigs were reactivated and utilization levels increased from the second quarter of 2013.
Overall, the company said it continued to outperform the industry with utilization thirteen percentage points higher than the Canadian industry average for the quarter and eleven percentage points higher, year to date.