06:39 AM EDT, 08/02/2024 (MT Newswires) -- Ensign Energy Services ( ESVIF ) on Friday said it swung to a second-quarter net loss as revenue decreased by 9%.

The second-quarter net loss amounted to $4.5 million, or $0.02 per share, compared with net income of $10.3 million, or $0.06 per share. The result beat the S&P Capital IQ consensus GAAP EPS estimate of a loss of $0.04 for the third quarter.

Revenue fell to $391.8 million from $432.8 million. Adjusted EBITDA was $100.2 million, a 14% decrease from $116.6 million.

From January 1, 2023, to June 30, 2024, $307.9 million in debt has been repaid. Ensign reaffirmed its targeted debt reduction of $600 million from 2023 to the end of 2025.