CALGARY - Trinidad Drilling Ltd. (TSX:TDG) has reported a big turnaround in its fourth-quarter results, crediting increased revenue from U.S. and international operations and reduced costs in Canadian operations for part of the improvement.
The Calgary-based contract driller for the oil and natural gas industry says net profit was $28.7 million or 23 cents per diluted share, compared with a net loss of $12.2 million or 10 cents per share in the year-earlier period when it also faced a big impairment charge.
Revenue increased to $224.6 million from $209.6 million.
During the fourth quarter of 2013, revenue in Trinidad's Canadian operations decreased by $3.8 million or 4.9 per cent from the same 2012 period, largely driven by increased price competition and lower day rates compared with the prior year period.
Revenue from Trinidad's U.S. and international operations increased by $17.6 million or 14.9 per cent, mostly due to standby and early termination revenues.
For the full year, the company reported net earnings of $70.9 million or 58 cents per diluted share on revenue of $845.9 million, compared with net earnings of $55 million or 46 cents per share on higher revenues of $859.3 million.