Western Energy Services (TSE:WRG) has released an update.
Western Energy Services Corp. reported a decrease in fourth-quarter revenue by $4.5 million or 7% year-over-year, totaling $56.3 million, while successfully reducing its debt by $17 million in 2023. Despite a drop in contract drilling activity in Canada and the US due to lower commodity prices, the company saw an uptick in production services revenue and a significant improvement in Adjusted EBITDA, which rose by 9%. This financial resilience comes even as the company faces a net loss, though narrower than the previous year, and varying utilization rates across its operations.
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