04:47 PM EDT, 03/14/2024 (MT Newswires) -- Stampede Drilling ( STPDF ) on Thursday said its fourth-quarter profit fell 7.1% on lower demand for drilling services amid lower oil and gas prices.

The company said it earned C$3.24 million, or C$0.01 per share, in the period. down from C$3.48 million, or C$0.20, in the year-prior quarter.

Revenue fell 7.5% to C$21.49 million from C$23.24 million.

The company operated 19 drilling rigs in both quarter, but their utilization rate fell to 42% in the final quarter of 2023 from 61% a year earlier. However the company said it expects higher utilizations in 2024.

"Stampede is forecasting to continue its strong utilization and day rates for its fleet of 19 rigs for the remainder of 2024 based on current discussions with its customer base. Maintaining Stampede's qualified field labour force will continue to be a top priority for the remainder of 2024. Management has proven their ability to attract and crew qualified field hands since Stampede's inception. Stampede is currently running full crews with relief on all its operating rigs," the company noted.

Stampede shares closed down C$0.015 to C$0.23 on the TSX Venture Exchange.