Noble Corporation plc (NE) saw its loss widen to $1,302.85 million, or $5.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $152.24 million, or $0.63 a share. On an adjusted basis, net loss for the quarter stood at $36.84 million, or $0.15 a share compared with a net profit of $126.24 million, or $0.52 a share in the last year period.
Revenue during the quarter plunged 52.18 percent to $410.16 million from $857.68 million in the previous year period. Gross margin for the quarter contracted 807 basis points over the previous year period to 55.42 percent.
Operating loss for the quarter was $1,384.91 million, compared with an operating loss of $49.48 million in the previous year period.
David W. Williams, chairman, president and chief executive officer of Noble Corporation plc, stated, "2016 represents another outstanding year of operating efficiency through a very challenging period of this cycle. Fleet downtime in the fourth quarter at 4.8 percent was once again below our guided level, and we ended the year with an impressive downtime measure of 4.3 percent. Cost management initiatives implemented throughout the year, along with a reduction in fleet operating days, drove fourth quarter operating costs down by 15 percent compared to the previous quarter, with costs down almost 30 percent year-over-year. Improved performance in our jackup rig fleet was another noteworthy accomplishment in the quarter, including the commencement of operations on the Noble Lloyd Noble."
For fiscal year 2017, Noble Corporation plc forecasts revenue to be $1,000 million.
Operating cash flow drops significantly
Noble Corporation plc has generated cash of $1,128.28 million from operating activities during the year, down 35.98 percent or $634.07 million, when compared with the last year.
The company has spent $669.93 million cash to meet investing activities during the year as against cash outgo of $432.54 million in the last year.
The company has spent $244.87 million cash to carry out financing activities during the year as against cash outgo of $886.08 million in the last year period.
Cash and cash equivalents stood at $725.72 million as on Dec. 31, 2016, up 41.67 percent or $213.48 million from $512.24 million on Dec. 31, 2015.
Debt comes down marginally
Noble Corporation plc has recorded a decline in total debt over the last one year. It stood at $4,340.11 million as on Dec. 31, 2016, down 2.74 percent or $122.45 million from $4,462.56 million on Dec. 31, 2015.
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