An aerial shot of Ensign Energy Services’ Automated Service Rig (ASR) working in Alberta. (Facebook)

Ensign Energy Services slashes dividend in half, reports $37.8M Q3 loss

Revenue in the quarter totalled $393.5 million

Ensign Energy Services slashes dividend in half, reports $37.8M Q3 lossShares in Ensign Energy Services Inc. fell after it cut its dividend in half due to what it said was prevailing industry conditions as it reported a third-quarter loss of $37.8 million.

The oilfield services company saw its shares fall 27 cents or about 10 per cent to $2.41 in trading on the Toronto Stock Exchange after falling as low as $2.29.

The drop came after Ensign said it will pay a quarterly dividend of six cents per share, down from 12 cents, to allow it “pursue alternative uses of available cash.”

The company also ended its dividend reinvestment plan.

The reduced payment to shareholders came as the company said its loss in its latest quarter amounted to 24 cents per share compared with a loss of $32.8 million or 21 cents per share in the same quarter last year.

Revenue in the quarter totalled $393.5 million, up from $288.7 million in the third quarter of 2018.

Ensign acquired an 89.3 per cent stake in Trinidad Drilling Ltd. in the fourth quarter of 2018 and the remaining stake in the first quarter of 2019.

The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Deserving Ponoka student appointed to National Youth Council

Yael Witvoet will now be able to advocate for causes on a national scale

Province investigating death of Samson Cree Nation youth in care

16-year-old found deceased outside in Rocky Mountain House

What to do if you encounter a coyote

Coyotes are more aggressive towards dogs at this time of year

Ponoka resident earns PhD in neuroscience

Carolyn Fleck- Prediger will continue work with patients with brain injury

PHOTOS: Pacific Equine Sport Winter Jumper Series

Held Jan. 18 at the Calnash Ag Event Centre

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

RCMP receive tip on Amber Tuccaro’s homicide file

Banff RCMP contacted by a male who alleged that his father may be responsible for a missing person

Here’s what Canada is doing to stop the coronavirus from getting in

Health officials are monitoring multiple possible cases in Canada

Blackfalds RCMP investigate fatal motor vehicle collision

Collision occurred at the intersection of Highway 11 and Burnt Lake Trail

Former Mountie, sports coach convicted of sex abuse in B.C. granted day parole

Alan Davidson was sentenced to almost six years for abusing seven boys in the late 1970s and early 1990s

Alberta privacy watchdog investigates ID scans at liquor stores

Alcanna Ltd., based in Edmonton, runs Liquor Depot, Wine and Beyond and Nova Cannabis stores

Survey finds support among Canadians for broader assisted-dying law

The survey was conducted Jan. 17 to 21 among 1,552 Canadians eligible to vote

New nasal spray launched in Canada to combat hypoglycemic shock in diabetics

Baqsimi is a nasal spray contains three milligrams of glucagon

Canadian public health agencies ramping up preparations in response to new virus

Health officials have said there are no confirmed cases of the emerging coronavirus in Canada

Most Read