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

The final Castor Farmers Market of 2019 took place on Dec. 5th

The Castor Farmers Market will be taking a couple months off before returning in March

Alberta RCMP prepares for National Impaired Driving Enforcement Day and shares safety tips

National Impaired Driving Enforcement Day is a nationwide RCMP initiative taking place Dec.7th

Lacombe’s AFSC ready to help Alberta producers facing difficult times

2019 season not easy for Alberta producers due toweather and other challenges

Castor seniors learn how to protect themselves from scams and abuse

Around 20 seniors in Castor attended a recent workshop at the Castor Golden Circle

Permits expected in ‘the next month or two’ for the Paintearth Wind Project

The project, if approved, is projected to start construction in the second quarter of 2021

Fashion Fridays: Ethical and sustainable gifts for the season

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

Man accused in toddler son’s death inept parent, not murderer: defence

Toddler’s body was found outside Good Shepherd Anglican Church in April 2017

Job numbers disappointing, but oil and gas growth expected in 2020: Kenney

Unemployment rate in Alberta rose to 7.2 per cent from 6.7 per cent last month

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Feds approve Alberta’s carbon tax on big industrial emitters

Tax will be applied on 10 per cent of emissions produced by the province’s biggest polluters

Appeal denied: Alberta’s top court upholds conviction of triple-murderer

Douglas Garland was convicted of first-degree murder in the deaths of a couple and their grandson

Second warning on romaine lettuce from California region as another E. coli case reported

Two cases of E. coli have been reported in relation to the illness in the U.S.

Many of Canada’s working poor can’t afford lawyers, don’t qualify for legal aid

One lawyer says many people earn too much to qualify for legal aid, but not enough to really live on

Economy lost 71,200 jobs in November, unemployment rate climbs to 5.9%

Jobless rate is at its highest since August 2018, when it hit 6%

Most Read