2025 FINANCIAL HIGHLIGHTS (Unaudited, in thousands of Canadian dollars, except per share data)
Three months ended December 31
Twelve months ended December 31
2025
2024
% change
2025
2024
% change
Revenue
418,808
426,515
(2)
1,638,891
1,684,231
(3)
Adjusted EBITDA 1
107,463
113,391
(5)
389,796
450,118
(13)
Adjusted EBITDA per common share 1
Basic
$ 0.59
$ 0.62
(5)
$ 2.12
$ 2.45
(13)
Diluted
$ 0.58
$ 0.62
(6)
$ 2.11
$ 2.44
(14)
Net loss attributable to common shareholders
(12,785)
(20,216)
(37)
(38,760)
(20,754)
87
Net loss attributable to common shareholders per common share
Basic
$ (0.07)
$ (0.11)
(36)
$ (0.21)
$ (0.11)
91
Diluted
$ (0.07)
$ (0.11)
(36)
$ (0.21)
$ (0.11)
91
Cash provided by operating activities
67,732
148,312
(54)
329,977
471,793
(30)
Funds flow from operations
112,824
112,574
--
370,103
436,176
(15)
Funds flow from operations per common share
Basic
$ 0.61
$ 0.61
--
$ 2.01
$ 2.37
(15)
Diluted
$ 0.61
$ 0.61
--
$ 2.00
$ 2.36
(15)
Weighted average common shares - basic (000s)
183,602
183,609
--
184,200
183,969
--
Weighted average common shares - diluted (000s)
183,973
184,455
--
184,627
184,624
--
nm - calculation not meaningful
1. Refer to Adjusted EBITDA calculation in Non-GAAP Measures.
Revenue for 2025 was $1,638.9 million, a three percent decrease from 2024 revenue of $1,684.2 million.
Revenue amounts and percentage of total by geographic area:
Canada - $511.0 million, 31 percent;
United States - $838.2 million, 51 percent; and
International - $289.7 million, 18 percent.
Adjusted EBITDA for 2025 was $389.8 million, a 13 percent decrease from Adjusted EBITDA of $450.1 million for 2024.
Funds flow from operations for 2025 decreased 15 percent to $370.1 million from $436.2 million in the prior year.
Net loss attributed to common shareholders for 2025 was $38.8 million, increased from net loss attributed to common shareholders of $20.8 million from the prior year.
On September 29, 2025, the Company amended and restated its existing credit agreement with its syndicate of lenders, which provides a revolving Credit Facility. The amendments include an extension to the maturity date of the now $950.0 million Credit Facility to September 29, 2028.
Total debt, net of cash decreased $104.9 million since December 31, 2024. With the reductions in Adjusted EBITDA the stated debt reduction target of $600.0 million for the period beginning of 2023 to the end of 2025 will now likely be achieved in the first half of 2026. The revision is the result of current industry conditions and the reinvesting into the Company through capital expenditure. If industry conditions change, this target could be increased or decreased.
Interest expense decreased by 23 percent to $74.8 million from $97.5 million. The decrease is the result of lower debt levels and effective interest rates.
OPERATING HIGHLIGHTS (Unaudited)
Three months ended December 31
Twelve months ended December 31
2025
2024
% change
2025
2024
% change
Drilling
Number of marketed rigs
Canada 1
88
94
(6)
88
94
(6)
United States
71
77
(8)
71
77
(8)
International 2
27
31
(13)
27
31
(13)
Total
186
202
(8)
186
202
(8)
Operating days 3
Canada 1
3,212
3,494
(8)
13,218
13,558
(3)
United States
3,411
2,992
14
12,320
12,103
2
International 2
1,066
1,153
(8)
4,231
4,996
(15)
Total
7,689
7,639
1
29,769
30,657
(3)
Well Servicing
Number of rigs
Canada
38
41
(7)
38
41
(7)
United States
47
47
--
47
47
--
Total
85
88
(3)
85
88
(3)
Operating hours
Canada
13,374
12,596
6
51,385
48,710
5
United States
23,548
26,975
(13)
100,510
124,056
(19)
Total
36,922
39,571
(7)
151,895
172,766
(12)
1. Excludes coring rigs.
2. Includes workover rigs
3. Defined as contract drilling days, between spud to rig release.
Canadian drilling recorded 13,218 operating days in 2025, a three percent decrease from 13,558 operating days in 2024. Canadian well servicing recorded 51,385 operating hours in 2025, a five percent increase from 48,710 operating hours in 2024.
United States drilling recorded 12,320 operating days in 2025, a two percent increase from 12,103 operating days in 2024. United States well servicing recorded 100,510 operating hours in 2025, a 19 percent decrease from the 124,056 operating hours in 2024.
International drilling recorded 4,231 operating days in 2025, a 15 percent decrease from 4,996 operating days recorded in 2024.
FINANCIAL POSITION AND CAPITAL EXPENDITURES HIGHLIGHTS
As at ($ thousands)
2025
2024
2023
Working capital (deficit)1
89,618
(100,906)
15,780
Cash
16,189
28,113
20,501
Total debt, net of cash
918,613
1,023,498
1,189,848
Total assets
2,643,027
2,910,490
2,947,986
Total debt to total debt plus shareholder's equity ratio
0.42
0.43
0.48
1 See Non-GAAP Measures section.
CAPITAL EXPENDITURES HIGHLIGHTS
Three months ended December 31
Twelve months ended December 31
($ thousands)
2025
2024
% change
2025
2024
% change
Capital expenditures
Upgrade/growth
17,970
9,534
88
48,082
18,705
nm
Maintenance
22,704
28,560
(21)
146,282
159,962
(9)
Proceeds from disposals of property and equipment
(5,415)
(15,805)
(66)
(10,643)
(31,036)
(66)
Net capital expenditures
35,259
22,289
58
183,721
147,631
24
nm - calculation not meaningful
Net capital expenditures for the calendar year 2025 totaled $183.7 million, consisting of $48.1 million in upgrade capital, $146.3 million in maintenance capital, offset by proceeds of $10.6 million from equipment disposals.
The Company has budgeted maintenance capital expenditures for 2026 of approximately $161.4 million and $32.8 million of selective upgrade capital, of which $24.0 million is customer funded. The upgrade capital is related to two rig upgrades in Canada, one in Australia, six in the United States and the completion of one rig upgrade/reactivation in Oman that is on a five year contract. The Company continues to consider rig relocation or upgrade projects in response to customer demand and under appropriate contract terms, which may impact capital expenditures.
This news release contains "forward-looking information and statements" within the meaning of applicable securities legislation. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Advisory Regarding Forward-Looking Statements" later in this news release. This news release contains references to Adjusted EBITDA, Adjusted EBITDA per common share and working capital. These measures do not have any standardized meaning prescribed by IFRS Accounting Standards ("IFRS") and accordingly, may not be comparable to similar measures used by other companies. The non-GAAP measures included in this news release should not be considered as an alternative to, or more meaningful than, the IFRS measures from which they are derived or to which they are compared. See "Non-GAAP Measures" later in this news release.
OVERVIEW
Revenue for the year ended December 31, 2025, was $1,638.9 million, a decrease of three percent from 2024 revenue of $1,684.2 million. Adjusted EBITDA for 2025 totaled $389.8 million ($2.12 per common share), 13 percent lower than Adjusted EBITDA of $450.1 million ($2.45 per common share) for the year ended December 31, 2024.
Net loss attributed to common shareholders for the year ended December 31, 2025, was $38.8 million ($0.21 per common share) compared with a net loss attributed to common shareholders of $20.8 million ($0.11 per common share) for the year ended December 31, 2024.
The oilfield services sector maintains a generally constructive outlook despite a year-over-year activity decline in some operating regions. Geopolitical tensions and global trade uncertainties have kept activity in the United States subdued and reinforced customer capital discipline in regard to drilling programs. Volatile commodity prices and shifts in the United States trade policies under the current administration, including tariffs, are further clouding the global economic outlook and pressuring commodity prices. Additionally, OPEC+ nations easing voluntary production cuts has increased crude supply, keeping a ceiling on crude oil commodity prices.
Geopolitical tensions, hostilities in areas of the Middle East, the ongoing Russia-Ukraine conflict, and global trade policy changes continue to impact global commodity prices and add uncertainty to the outlook for crude oil supply and commodity prices over the short-term.
The Company's operating days were lower for the year ended December 31, 2025, when compared with the same periods in 2024 as operations were negatively impacted by the above-mentioned uncertainty in the global economy and volatility in the crude oil and natural gas commodity pricing.
The average United States dollar exchange rate was $1.40 during 2025 (2024 - $1.37), higher than the prior year. The higher exchange rate helped offset the net loss for year ended December 31, 2025, with the positive foreign exchange translation on USD denominated earnings.
The Company exited 2025 with a working capital surplus of $89.6 million, compared with a working capital deficit of $100.9 million as of December 31, 2024. The change in working capital is the result of the classification of the current portion of long-term debt, following the recent amendment and restatement of the existing credit agreement. The Company's available liquidity consisting of cash and available borrowings under its Credit Facility totaled $51.8 million as of December 31, 2025, compared to $31.9 million at December 31, 2024. The available liquidity increased by $19.9 million primarily due to the recent amendment and restatement of the Company's Credit Facility and improved foreign exchange translation.
REVENUE AND OILFIELD SERVICES EXPENSE
Three months ended December 31
Twelve months ended December 31
($ thousands)
2025
2024
% change
2025
2024
% change
Revenue
Canada
128,518
133,661
(4)
511,022
496,521
3
United States
217,889
206,743
5
838,215
839,928
0
International
72,401
86,111
(16)
289,654
347,782
(17)
Total revenue
418,808
426,515
(2)
1,638,891
1,684,231
(3)
Oilfield services expense
296,887
300,038
(1)
1,193,600
1,176,666
1
Revenue for the year ended December 31, 2025 totaled $1,638.9 million, a decrease of three percent from $1,684.2 million recorded in the prior year. The decrease in total revenue during the year ended December 31, 2025, was primarily in the Company's international operations, as rigs came off contract. Offsetting the decrease is a positive foreign exchange translation of converting USD denominated revenue. The Company recorded revenue of $418.8 million for the three months ended December 31, 2025, a two percent decrease from the $426.5 million recorded in the three months ended December 31, 2024.
CANADIAN OILFIELD SERVICES
Three months ended December 31
Twelve months ended December 31
2025
2024
% change
2025
2024
% change
Marketed drilling rigs1
Opening balance
88
94
94
117
Transfers, net
--
--
(1)
--
Placed into reserve
--
--
(5)
(23)
Ending balance
88
94
(6)
88
94
(6)
Drilling operating days2
3,212
3,494
(8)
13,218
