Odfjell Drilling reduced its first quarter losses compared to the same period last year – despite lower revenues in the first three months of 2017.
The driller posted a net loss of $7.5 million for the first quarter of this year, compared to a $19 million loss to the end of March 2016.
The company posted a revenue reduction of $10 million, down to $148 million from $158 million last year.
Falls in revenue from the company’s drilling and technology and well services segments were highlighted as factors in the overall drop in revenue.
The company’s drilling and technology segment revenue fell by $17 million to $21 million last year –a drop of 45%.
Well services declined by 28% to $20 million dollars.
But those drops were offset by increased revenues in the mobile offshore drilling units segment, which increased 12% year on year.
The company added that while market outlook remains weak, they have seen signs of market stabilisation and have had an increased number of enquiries.
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