Cited writedowns following oil, gas downturn.
CALGARY — Ensign Energy Services Inc. posted a $31 million net loss in the fourth quarter of 2014, as it recognized $89.5 million in non-cash charges for decommissioning and writing down assets – primarily drilling rigs used by the oil and gas industry.
Operationally, the Calgary-based company showed year-over-year growth: adjusted net income was $44.2 million, up 58%, revenue was $602.7 million up 12% and funds from operations was $132.3 million, up 3%.
The company said it expects lower demand and rates in 2015 from its North American customers following a dramatic decline in prices since late November, when Saudi Arabia and other OPEC producers said they wouldn’t cut output to support prices.
© 2015 The Canadian Press