Canadian Downturn At Bottom, But Too Soon To Call For Recovery-Precision

摘要

Precision Drilling Trust reported lower third quarter profit, cash flow and per-unit amounts compared to the same period in 2008 despite adding a large rig fleet in the United States last December (see table).Earnings before interest, taxes, depreciation and amortization and foreign exchange (EBITDA) totalled $86 million, down 28% from the third quarter of 2008.EBITDA and revenue were hurt by lower customer demand, partly offset by the December 2008 acquisition of Grey Wolf, Inc., a U.S. onshore drilling contractor with 123 rigs, including two in Mexico.