Pacific Drilling S.A. (PACD) has reported 99.62 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.16 million, or $0.01 a share in the quarter, compared with $41 million, or $1.95 a share for the same period last year.

Revenue during the quarter dropped 29.88 percent to $182.43 million from $260.18 million in the previous year period. Total expenses were 84.09 percent of quarterly revenues, up from 66.50 percent for the same period last year. That has resulted in a contraction of 1760 basis points in operating margin to 15.91 percent.

Operating income for the quarter was $29.02 million, compared with $87.16 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $98.12 million compared with $148.18 million in the prior year period. At the same time, adjusted EBITDA margin contracted 317 basis points in the quarter to 53.79 percent from 56.95 percent in the last year period.

chief executive officer Chris Beckett said, "Our operating fleet continues to deliver excellent operational performance with a third-quarter revenue efficiency of 97%, and a year-to-date revenue efficiency of 98%, which coupled with strong cost control resulted in an Adjusted EBITDA margin of 53.8% in third-quarter 2016."

The company has spent $42.81 million cash to meet investing activities during the nine month period as against cash outgo of $143.32 million in the last year period.

Cash flow from financing activities was $163.72 million for the nine month period as against cash outgo of $235.88 million in the last year period.