Oil and gas well services company Production Enhancement Group has reported revenues of $4.7m for the first quarter of 2009, down 42% compared with $8.1m in the same quarter last year.
The company also reported a net loss from continuing operations of $6.6m, or $0.06 loss per share, for Q1 2009, compared with $4.13m, or $0.07 loss per share, last year.
Coiled tubing division revenues for the first quarter of 2009 were $2,412,000, a 33% decrease from the 2008 first quarter revenues of $3,604,000.
Ebitdas for the three months ended 31 March 2009 and 2008 were $3,042,000 and $614,000 respectively.
The decrease was primarily attributable to lower onshore and offshore equipment use caused by hurricane-related well service delays, the company said.