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