06:08 AM EDT, 05/06/2024 (MT Newswires) -- Ensign Energy Services ( ESVIF ) swung to a net loss in the first quarter as revenue dropped 11% amid a decline in oilfield services activity in some regions.

The company reported a first-quarter net loss attributable to common shareholders of $1.2 million, or $0.01 per share, swinging from net income of $4.2 million, or $0.02 per share. The result missed the S&P Capital IQ consensus normalized EPS estimate of $0.05 for the quarter.

Revenue fell to $431.3 million from $484.1 million. Adjusted EBITDA declined 8% to $117.5 million from $127.3 million.

Ensign attributed the decrease in revenue to volatile commodity prices affecting drilling activity and reducing the industry rig count in North America. Recent M&A activity in the oil and natural gas sector in both Canada and the U.S. also affected drilling programs.

Canadian drilling fell 1% to 3,752 operating days and US drilling decreased 32% to 3,134 operating days in the first quarter. International drilling rose 19% to 1,319 operating days.