TESCO Corporation (TESO) saw its loss narrow to $20.10 million, or $0.43 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $78.10 million, or $2 a share. On the other hand, adjusted net loss for the quarter narrowed to $13.30 million, or $0.28 a share from a loss of $13.40 million or $0.33 a share, a year ago.

Revenue during the quarter plunged 32.38 percent to $35.30 million from $52.20 million in the previous year period. Gross margin for the quarter stood at negative 22.38 percent as compared to a negative 35.82 percent for the previous year period.

Operating loss for the quarter was $18.90 million, compared with an operating loss of $67.30 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $13.10 million compared to operating loss of $11.60 million in prior year period.

Fernando Assing, TESCO's chief executive officer, commented, "We are encouraged by our improved sequential financial performance as activity levels respond to higher commodity prices and rig count. However, we remain cautious as we recognize that 2017 will still present challenges in international and offshore markets as well as increasing cost escalation risks and limited pricing power in North America."

The company has spent $3 million cash to meet investing activities during the year as against cash outgo of $6.90 million in the last year. It has incurred net capital expenditure of $3 million on net basis during the year, down 65.12 percent or $5.60 million from year ago.

Cash flow from financing activities was $45.10 million for the year as against cash outgo of $7.50 million in the last year period.

Cash and cash equivalents stood at $91.50 million as on Dec. 31, 2016, up 77.67 percent or $40 million from $51.50 million on Dec. 31, 2015.