PRECISION WRITES DOWN ASSETS

Precision Drilling Corp. is writing down the value of its assets and planning for a much smaller capital spending budget next year, it said Thursday as it reported a 38 per cent decline in third-quarter revenue. The Calgary-based firm reported an $87 million net loss, or 30 cents per share, for the three months ended Sept. 30, as revenue dropped to $364 million from $584.5 million in last year’s third quarter when the oil and gas industry was booming. Precision Drilling said it has taken $74 million million of asset writedowns, cutting 25 cents per share from its net earnings, and that it will reduce capital spending in 2016.