PACIFIC DRILLING S.A. (PACD) saw its loss widen to $99.85 million, or $4.69 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.51 million, or $0.12 a share.
Revenue during the quarter plunged 48.63 percent to $105.51 million from $205.38 million in the previous year period. Operating margin for the quarter stood at negative 44.58 percent as compared to a positive 21.04 percent for the previous year period.
Operating loss for the quarter was $47.03 million, compared with an operating income of $43.20 million in the previous year period.
Chris Beckett chief executive officer said, "We delivered another quarter of solid operational performance with a first-quarter revenue efficiency of 98% and we continued to benefit from strong cost control. Market conditions are still challenging, although we have experienced an uptick in tenders and inquiries versus 2016. This supports our previously stated expectation of demand improvement through 2017 partially offsetting increased supply from rigs rolling off contract, which we believe will eventually lead to improving utilization in 2018."
Operating cash flow drops significantly
PACIFIC DRILLING has generated cash of $28.71 million from operating activities during the quarter, down 66.88 percent or $ 57.99 million, when compared with the last year period.
The company has spent $10.13 million cash to meet investing activities during the quarter as against cash outgo of $28.59 million in the last year period.
The company has spent $137.36 million cash to carry out financing activities during the quarter as against cash inflow of $233.12 million in the last year period.
Cash and cash equivalents stood at $507.40 million as on Mar. 31, 2017, up 24.58 percent or $100.12 million from $407.27 million on Mar. 31, 2016.
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