The
Its first-quarter report, which was delayed under a temporary regulator exemption because of the COVID-19 pandemic, shows that revenue plunged 36 per cent to
In a news release, the company says it is continuing to consult financial advisers about alternatives to bolster its balance sheet, a process it confirmed in early June after a sudden jump in its share price.
Calfrac operates in
A slump in drilling activity as energy demand falls due to measures to control the pandemic had forced the company to cut 70 per cent of its North American workforce, park about three-quarters of its equipment, halve capital spending plans and reduce salaries for management, directors and remaining staff.
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