Xtreme Drilling and Coil Services nets $2.9 million in first quarter

CALGARY – Xtreme Drilling and CoilServices (TSX:XDC) says it netted $2.9 million in the first quarter, or four cents per fully diluted share down from $4.9 million, or six cents per share, in the same period of 2013.

The Calgary oil services company said it has record revenue of $69.7 million in the first quarter, up from $54 million in the opening quarter of 2013.

The revenue increase was primarily due to an increase in the average revenue per day in the Coil Services segment.

In addition, says the company, a weakening of the Canadian dollar accounted for about $2.6 million of Xtreme’s quarterly increase.

Xtreme, which has seen four consecutive quarters of increased revenue, says it continues to explore markets and is in the process of deploying two rigs to India and two new coiled tubing units to the Eagle Ford in South Texas.