Trican Well Service posts positive profit on modest oilfield activity rebound
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CALGARY – Trican Well Service Ltd. is reporting positive first-quarter earnings as a modest rise in oilfield activity allowed revenue to recover from the previous quarter but not to the level it reached in the first three month of 2020.
The Calgary-based well completion company says it had net income of $5.9 million on revenue of $148 million in the three months ended March 31, compared with a loss of $155 million on revenue of $192 million in the year earlier period (when it recognized $157 million of asset impairments and one-time expenses from market events).