01:03 PM EST - Trican Well Service Ltd. : Announced its first-quarter results for 2020. Consolidated revenue from continuing operations for Q1 2020 was $191.8 million, a $45.8 million decrease compared to Q1 2019. Adjusted EBITDA1 for Q1 2020 would have been $24.8 million (13% adjusted EBITDA margin), excluding the effect of $10.6 million for an impairment of trade receivables and $4.7 million severance costs. Both expenditures were primarily a result of COVID-19 and oil production increases by OPEC in March. Adjusted EBITDA1 for Q1 2020 was $9.5 million, which includes $4.0 million in expenses for stainless steel fluid ends. Q1 2019 adjusted EBITDA was $26.4 million, which includes $1.7 million of severance costs and $1.6 million in expenses for stainless steel fluid ends. Trican Well Service Ltd.
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