12:01 PM EDT, 05/06/2024 (MT Newswires) -- Ensign Energy Services ( ESVIF ) shares were last seen down 8.2% after it said it swung to a loss in the first quarter on lower revenue.

The oilfield-services company reported a first-quarter loss of C$1.2 million, or C$0.01 per share, swinging from a profit of C$4.2 million, or C$0.02 per share. The result missed the S&P Capital IQ consensus normalized EPS estimate of $0.05 for the quarter.

Revenue fell 11% to C$431.3 million from C$484.1 million.

Ensign attributed the decrease in revenue to volatile commodity prices affecting drilling activity and reducing the industry rig count in North America. Recent merger and acquisition 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.

Ensign shares were last seen down C$0.205 to C$2.295 on the Toronto Stock Exchange.

Price: 2.30, Change: -0.21, Percent Change: -8.20