Rig drop chops Patterson

patterson UTI

Eoin O'Cinneide

 25 October 2012 10:47 GMT

A lower rig count and higher expenses sent US contractor Patterson-UTI to a decreased profit in the third quarter.

The Houston-based player made a net profit of $50.81 million in the three months to the end of September as against $81.93 million in the comparable period a year earlier.

Revenues slid from $673.83 million to $643.63 million as the average number of rigs operated fell to 216. Costs were also up.

Patterson said the results were impacted by the generally soft rig demand in the US and a slower than expected seasonal recovery in the Canadian market.

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