Precision Drilling reports $3.5M Q4 profit, revenue up more than 70 per cent

Precision Drilling Corp. saw its fourth-quarter revenue increase by 73 per cent year-over-year, as North American oil and gas drilling activity continues to pick up.

The Calgary-based company, which is Canada’s largest drilling rig contractor, reported a fourth-quarter profit Thursday of $3.5 million, compared with a loss of $27.3 million a year ago.