North Atlantic Drilling reported a substantial loss on its fourth quarter 2015 results – with the Norwegian firm £112.9 in the red as the oil downturn continues to take a heavy toll on companies’ earnings.
NAD reported a fourth quarter 2015 loss of $112.9 and a net loss attributable to shareholders of $116.9million. A loss per share of $4.85.
The driller included the $82million West Rigel floater, which is for sale as part of its figures, taking its net loss to $30.9million.
North Atlantic Drilling said it had signed an amendment with Jurong Shipyard for the delivery of the semi-submersible West Rigel.
The deferral period lasts until June 2016, during which time the company will continue to market the unit for an acceptable drilling contract, and the unit will remain at the Jurong Shipyard in Singapore.
Revenues for the fourth quarter 2015 were $150.4 million compared to $194.6 million for the third quarter. The primary reasons for the decrease are the contract completions of the West Venture and the West Phoenix entering its idle period under contract through the winter season, said NAD.
The company reported operating revenues of $747.7 million, operating income of $97.5 million and a net loss of $78.6 million for the twelve months ended December 31, 2015.
This compared to operating revenues of $1,263.7 million, operating loss of $116.4 million and a net loss of $320.5 million for the twelve months ended December 31, 2014.