CALGARY – Trican Well Service Ltd. (TSX:TCW) says increase fracturing demand led to huge increases in revenue and earnings in the third quarter.
The Calgary-based oilfield services company with operations around the globe says net income soared to $40.8 million or 28 cents per diluted share from $5.7 million or four cents in the three months ended Sept. 30.
Consolidated revenue rose 41 per cent to $770.6 million from $548.3 million, the company said in a report issued Tuesday after markets closed.
Trican said Canadian operations generated quarterly revenue of $360.9 million, up from $277.1 million, with fracturing demand growth and improved pricing the most significant contributor to the 30 per cent increase. Similarly, fracturing demand also led to a 72 per cent improvement in revenue from U.S. operations to $314.6 million.
International operations, the majority of which are in Russia, generated quarterly revenue of $95.2 million, up from $88.2 million as strong activity levels offset a weaker Russian ruble.
International operations also benefited from strong results from Trican’s Norwegian completions tools business, while the positive results in Russia, Kazakhstan and Norway were partially offset by operating losses in Algeria and startup costs in Saudi Arabia and Colombia.
