(Canadian dollars unless stated otherwise)
This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full discussion of the forward-looking information and statements and the risks to which they are subject, see the "Forward-Looking Information and Statements Advisory" on page 6.
Precision Drilling Trust ("Precision" or the "Trust") announced today that net earnings for the first quarter of 2007 were $158 million, or $1.26 per diluted unit, representing a decrease of 29% compared to $224 million, or $1.79 per diluted unit, in the first quarter of 2006.
Revenue in the quarter was 23% lower than the prior year at $411 million with revenue in the Contract Drilling Services segment decreasing 27% and the Completion and Production Services segment decreasing 15%.
Precision's customer pricing generally held during the quarter but equipment utilization declined significantly from the year-ago period. Canadian drilling rig operating days were 29% lower than the record 16,694 in the first quarter of 2006 at 11,785 days while utilization declined from 80% to 54% year over year. Service rig operating hours declined 20% from the first quarter of 2006 to 132,411 and utilization decreased from 78% to 62%.
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