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DRECO ENERGY SERVICES LTD. REPORTS THIRD QUARTER RESULTS

 EDMONTON, Alberta, July 2 /PRNewswire/ -- Dreco Energy Services Ltd., of Edmonton, Alberta, announced today the results of its operations for the third quarter ended May 31, 1993.
 (All values expressed in United States dollars)
 Revenues for the third quarter were $22,718,000 and net income after taxes was $2,532,000 ($0.40 per share) versus revenues of $16,996,000 and net income after taxes of $1,546,000 ($0.25 per share) in the corresponding quarter of the prior fiscal year.
 Revenues for the nine months were $64,028,000 and net income after taxes was $5,893,000 ($0.94 per share). In the corresponding nine months of the prior fiscal year revenues were $49,292,000 and net income after taxes was $5,010,000 ($0.81 per share).
 (In thousands except per share data)
 3 months ended 9 months ended
 Periods Ended May 31, 1993 1992 1993 1992
 Revenues:
 Drilling and well
 servicing equipment $16,831 $13,520 $48,172 $39,136
 Downhole products 5,887 3,476 15,856 10,156
 Total 22,718 16,996 64,028 49,292
 Net Income before taxes $ 4,305 $ 2,323 $ 9,510 $ 5,805
 Net Income after taxes 2,532 1,546 5,893 5,010
 Earnings per share $ 0.40 $ 0.25 $ 0.94 $ 0.81
 Weighted average shares
 outstanding 6,279 6,155 6,275 6,155
 Cash flow from operations for the nine months was $8,053,000 before working capital, investing and financing requirements as compared to $7,385,000 for the corresponding nine months of the prior fiscal year.
 Backlog at May 31, 1993 was $42,596,000 compared to $31,683,000 at August 31, 1992 and $33,758,000 at May 31, 1992.
 The Company's Class "A" Common Shares trade on the NASDAQ National Market System under the ticker symbol DREAF and on the Toronto Stock Exchange under the ticker symbol DRE.A.
 Dreco Energy Services Ltd. designs, manufactures, markets and leases drilling equipment, machinery, and drilling tools used in the drilling and servicing of oil and gas wells, worldwide.
 -0- 7/2/93
 /CONTACT: Daryl W. Ferko, vice president - finance, of Dreco Energy Services Ltd., 403-463-2065, or Jack Kehoe of Kehoe, White, Savage, & Company, Inc., 212-888-1616, for Dreco Energy Services/
 (DREAF)


CO: Dreco Energy Services Ltd. ST: Alberta IN: OIL SU: ERN

MP -- NY005 -- 8070 07/02/93 09:31 EDT
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Date:Jul 2, 1993
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