Bri-Chem profits sag on falling rig count
Nov 15, 2012 | 05:48 PM
| Michael Cowden
CHICAGO Bri-Chem Corp.s profits fell sharply in the third quarter due to a lower Canadian rig count and an uncertain economic outlook, even as the company continued to ramp up its seamless pipe mill.
Canadian drilling activity slowed in the second and third quarters, hampered by wet weather and worries about crude oil and natural gas prices, the Edmonton, Alberta-based company said.
Those concerns will likely affect Bri-Chems fourth-quarter results as well, it said in earnings results released Wednesday. Other problems facing the Canadian drilling industry include spending cutbacks, a strong Canadian dollar and a shortage of skilled labor, the company said....
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