Orbit Garant Drilling (TSE:OGD) reported record third-quarter revenue and its highest drilling utilization rate in more than a decade, but profitability declined as the company dealt with severe winter weather, contract ramp-up costs and legacy pricing pressure.
On the company’s fiscal 2026 third-quarter conference call, President and CEO Daniel Maheu said drilling utilization reached 67%, up from 56% in the first quarter and 62% in the second quarter. He said the result marked Orbit Garant’s highest utilization rate in more than 10 years and its highest third-quarter revenue in company history.
