Ensign Energy profits contract, reflecting slowdown in the oilpatch
Oilfield services company's net income falls 8% in Q4.
CALGARY – Ensign Energy Services Inc. is reporting an 8% decrease in fourth-quarter earnings, reflecting a slowdown in the oilpatch.
The Calgary-based oilfield services company says net income fell to $48.5 million compared with $52.6 million in the same period of 2011.
For the full year, Ensign reported a 2% increase in net income to $212.5 million as revenue grew 16% overall to $2.19 billion.
Ensign Energy Services Inc. is a provider of land-based drilling and well servicing services for the crude oil, natural gas and geothermal operators. It also provides directional drilling, rental equipment, manager pressure drilling, and production flow back services.
©The Canadian Press