Norwegian driller Fred Olsen Energy (FOE) has widened its losses as revenue shrinks.
Reporting its Q3 trading statements, the Oslo listed firm said losses before tax had widened to $45.2million compared to $29.7million in the same period last year.
Topline revenue shrank to $76.3million for the three months to the end of September, down from $213.6million this time last year.
Only one of the seven drilling vessels in the firm’s fleet is still on contract, due to finish next month.
The rest are stacked.
The company said that uncertainty is “higher than usual” over when new contracts will be entered into and what the level of future dayrates would be.