North Atlantic Drilling Ltd (NADL) saw its loss widen to $16.20 million, or $0.67 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.60 million, or $0.11 a share. Revenue during the quarter dropped 29.75 percent to $136.70 million from $194.60 million in the previous year period. Gross margin for the quarter contracted 5 basis points over the previous year period to 67.37 percent. Total expenses were 79.01 percent of quarterly revenues, up from 70.61 percent for the same period last year. That has resulted in a contraction of 840 basis points in operating margin to 20.99 percent.
Operating income for the quarter was $28.70 million, compared with $57.20 million in the previous year period.
Operating cash flow drops significantly
North Atlantic Drilling Ltd has generated cash of $91.80 million from operating activities during the nine month period, down 67.34 percent or $189.30 million, when compared with the last year period. Cash flow from investing activities was $2.50 million for the nine month period as against cash outgo of $29.90 million in the last year period.
The company has spent $164.70 million cash to carry out financing activities during the nine month period as against cash outgo of $210.60 million in the last year period.
Cash and cash equivalents stood at $86.10 million as on Sep. 30, 2016, down 44.59 percent or $69.30 million from $155.40 million on Sep. 30, 2015.
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