Wed, May 13, 10:51 AM
- Trican Well Services (OTCPK:TOLWF -8.2%) plunges in early trading after announcing it is suspending its dividend due to a weak economic outlook and the need to preserve liquidity.
- Trican also says it has cut 2,000 employees from its North American workforce, is seeking relaxed terms on debt agreements, and is in talks to sell its Russian and Kazakhstan pressure pumping business.
- The update is part of Trican's Q1 earnings report, which shows a wider loss and a 26% Y/Y drop in revenue; the company says it is aiming to cut $115M/year from its fixed costs by cutting its workforce and salaries but the Q1 savings were more than offset by severance expenses.
Trican Well Service Ltd. is an international pressure pumping company with operations on four continents and corporate headquarters in Calgary, Alberta, Canada. Trican provides innovative, engineered and integrated solutions to its customers involved in the exploration and development of oil and... More
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