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

Millet discussed natural gas in 1946

A Look At Millet In 1946, 1947 and 1948

Red Deer-Lacombe MP, other Conservative MPs meet with AB justice minister

Calkins said the justice system is a revolving door for criminals targeting rural areas

County council hears ditch, culvert issues in hamlets

Report given to council on hamlet stormwater situation

Alberta’s Economic Future

Albertans voted for a plan to get spending under control

Wetaskiwin City Council Approves 2020 Capital and Operating Budgets

Estimated overall 2.28 percent tax rate decrease for 2020

‘Not a decision I came to lightly:’ Scheer to resign as Conservative leader

Decision comes after weeks of Conservative infighting following the October election

Couple who bought $120k banana duct-taped to wall say artwork will be ‘iconic’

Pair compared it to Warhol’s ‘Campbell’s Soup Cans,’ which was initially ‘met with mockery’

Alberta to change drug coverage for 26,000 patients, expects to save up to $380M

Patients being treated with biologics on government-sponsored drug plans must switch to biosimilars

Race to replace Andrew Scheer could be a crowded one

Many familiar faces, such as Maxime Bernier, Jason Kenney, Doug Ford and Kevin O’Leary, have said no

Public tip results in arrest of wanted male by Ponoka RCMP

Fraynn appeared in court in Wetaskiwin on Dec. 9

Pet medical neglect cases on the rise in economically ailing Calgary

Alberta’s unemployment rate was 7.2 per cent in November compared with 4.4 per cent five years ago

Alberta premier opens war room to promote ‘truth’ about energy industry

Effort includes a $2.5-million public inquiry into foreign funding of anti-oil advocacy groups

Most Read