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

Just Posted

PHOTOS: It’s beginning to look a lot like Christmas …

Winter wonderland of lights: Everywhere you go in Ponoka, people are getting… Continue reading

Ponoka family physician retiring after 40 years of service to community

Dr. Brendan Bunting is hanging up his stethoscope after 40 years as… Continue reading

“Ponoka Civic Centre” is now the official name of Ponoka town hall building

Signage will also feature Cree word “mamawayawin”

Ponoka County struck by large amount of unpaid property taxes

CAO now has some discretion in cancelling certain tax penalties

Contentious gravel pit receives Ponoka County approval

Development permit lays out 51 conditions for operation

VIDEO: Federal Liberals’ throne speech welcomes opposition’s ideas

Trudeau will need NDP or Bloc support to pass legislation and survive confidence votes

Wanted man resists arrest, found in possession of machetes

Donovan Rain of Maskwacis facing multiple charges

Final appeal rejected for man convicted in deaths of missing Alberta seniors

Lyle and Marie McCann were in their 70s when they left their home in St. Albert in 2010 and vanished

Infants should be tested for autism if older siblings are diagnosed, Canadian study suggests

Blood test for infants with sibling who’s been diagnosed would get information to families earlier

Rural Alberta gets more police officers, but must pay for them directly

Premier wants areas to pay portion of overall costs on rising scale to bring in extra $200M by 2024

Two vehicle Hwy 11 collision results in 2 dead

Blackfalds RCMP were dispatched to a serious collision on Highway 11

Rebels win second in row 5-2 over Moose Jaw

32 saves from Goalie Byron Fancy leads the way for Red Deer

Nearly 40% of Canadians want creationism taught in schools: poll

23% of Canadians believe God created humans in the past 10,000 years

Blackfalds RCMP lay charges following fatal pedestrian collision

35-year-old male died in the hospital as a result of injuries

Most Read