A marked decline in business activity during the quarter ended March 31 has pushed North American oil and gas industry services provider Precision Drilling’s earnings into negative territory, forcing it to suspend its dividend.
The Calgary, Alberta-based company on Monday reported that activity for the quarter, as measured by drilling rig utilisation days, decreased 36% in Canada, 60% in the US and 33% internationally, when compared with the first quarter of 2015.
