Ensign Energy Services Faces Q1 Earnings Decline

Ensign Energy Services (TSE:ESI) has released an update.

Ensign Energy Services Inc. experienced a downturn in the first quarter of 2024, with an 11% drop in revenue to $431.3 million compared to the same period last year and an 8% decrease in adjusted EBITDA to $117.5 million. The company also reported a net loss of $1.2 million, a stark contrast to the $4.2 million net income from the first quarter of 2023. This financial decline was accompanied by reduced operating days and hours in both Canadian and US sectors, although international drilling saw a 19% increase.

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