Precision Drilling posts $453 million second-quarter revenue

• Precision Drilling reported a second-quarter revenue increase of 11% to $453 million.
• The company posted a net loss of $1 million and reduced its total debt by $50 million.
• The company stated a new Kuwait contract is expected to increase its active international rig count.

Precision Drilling (NYSE:PDS) reported a second-quarter revenue of $453 million, representing an 11% year-over-year increase.

The result was driven by stronger North American drilling activity, which offset weaker international operating margins.

Adjusted EBITDA declined 10% to $97 million due to higher rig reactivation costs in the United States.

The company also recorded a net loss of $1 million following an $11 million increase in depreciation costs.

Following the announcement, Precision Drilling's share price was down at $78.27.

Operations generated $146 million in cash, which the business used to reduce overall debt by $50 million.

The company stated a new five-year Kuwait contract is expected to raise international rigs to eight by mid-2027.