It was a jungle out there for the Canadian oilfield services (OFS) industry in the third quarter of the current fiscal year ended September 30, 2015. For a group of 25 diversified, publicly traded Canadian OFS companies, combined revenue declined 38.5 percent from $6.6 billion in 2014 to only $4.0 billion this year. Just one company, ShawCor, managed to increase revenue on a year-over-year basis. Average gross margin – revenue minus direct expenses for delivering the product or service – fell 6.6 percent from an average 27.0 percent last year to 22.3 percent this year. Only eight of the companies reported a profit for Q3, compared to 2014 when 24 of the 25 companies under review...
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