11:41 AM EDT, 08/02/2024 (MT Newswires) -- Ensign Energy Services ( ESVIF ) on Friday said it swung to a second-quarter loss as revenue dropped by 9.5%.

The oilfield-services company said it lost $4.54 million, or $0.02 per share, in the period, compared with a profit of $10.3 million, or $0.06, in the year-prior quarter. The result beat the S&P Capital IQ consensus GAAP EPS estimate of a loss of $0.04 for the 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.

Ensign shares were last seen down $0.25 to $2.28 on the Toronto Stock Exchange.

Price: 2.28, Change: -0.25, Percent Change: -9.88