Trican shares drop as oil drilling dries up

Canadian oil drilling firm Trican Well Services' share price fell nearly 15 percent Wednesday after announcing it had recently cut 2,000 staff or 35 percent of its North American workforce.

The stock closed in Toronto at Can$4.32 (US$3.61).

The company cited low oil prices for a sharp drop in revenues in its first quarter, which lead to a suspension of dividends to shareholders in order to preserve cash while the economic outlook remains weak.

"Although demand (for drilling) was stable in January and early February, activity levels declined sharply in late February and remained low for the remainder of the quarter," Trican said in a statement.

The company also said it is considering an unsolicited bid for its Russian and Kazakhstan pressure pumping business, and seeking to renegotiate terms with its creditors.