Pacific Drilling expects offshore rig dayrate recovery in 2019
Offshore ultra-deepwater driller Pacific Drilling expects that first signs of improving demand for the offshore drilling rigs will lead to dayrate recovery in 2019. For the last quarter of 2016, the driller posted a bigger loss when compared to the year-before period.
The driller on Thursday reported a net loss for the fourth quarter 2016 of $43 million, compared to net loss of $13.6 million for the fourth quarter 2015.
In the report, Pacific Drilling CEO, Chris Beckett, said: “The market continues to develop as we have previously forecast, with the first signs of improving demand that we believe will lead to an eventual dayrate recovery in 2019.”
Pacific Drilling’s contract drilling revenue for the fourth quarter 2016 was $178 million, which included $29.4 million of deferred revenue amortization, versus revenues of $267.6 million for the corresponding period in 2015.
On December 9, 2016, the contract with Chevron was amended to change the contract end date for the drillship Pacific Santa Ana from April 28, 2017 to January 31, 2017 in exchange for a fee of $35.2 million. This fee was recognized ratably over the remaining term of the amended contract, and accounts for the majority of the deferred revenue increase from third-quarter 2016 to fourth-quarter 2016.
On December 17, 2016, the drillship Pacific Scirocco completed all contractual obligations for Total, which resulted in recognizing revenue at 80% of its operating dayrate of $489,000 for the remaining contractual days.
Revenues for fourth-quarter 2016 also benefited from an overall improved revenue efficiency performance of 2.2% during the quarter. These revenue increases were offset by the completion of the drillship Pacific Bora contract on September 27, 2016.
Offshore Energy Today Staff
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zoomSubsea 7’s new vessel Seven KestrelSubsea services contractor Subsea 7 narrowed its net loss for the fourth quarter 2016 and returned to profit for the full year 2016.
Subsea 7 on Thursday reported a $13 million net loss for the last quarter of 2016, a significant reduction compared to a $421 million loss in the prior-year quarter.
According to the company, the decrease in net loss was primarily due to a decrease of $371 million in net operating loss, driven by the reduction in the goodwill impairment charge; and a taxation benefit of $13 million in the quarter compared to a charge of $17 million in 4Q 2015.
This was partially offset by net foreign currency gains of $16 million in 4Q 2016, recognized within other gains and losses, compared to $12 million gains in 4Q 2015.
For the full year 2016, the subsea company returned to profit that totaled $418 million versus $37 million net loss in 2015.
During the fourth quarter 2016, the company’s revenues dropped by 9% to $932 million from $1.025 billion in the corresponding period of 2015. The reduction in revenue reflected lower activity levels within the SURF and Conventional and i-Tech Services Business Units, partially offset by increased activity within Renewables and Heavy Lifting reported within the Corporate reporting segment.
Jean Cahuzac, Chief Executive Officer, said: “We delivered good operational and financial performance in 2016, despite the continued industry-wide downturn in activity. This performance reflected successful implementation of our cost reduction measures, while maintaining high standards of execution and preserving the Group’s expertise and capability.”
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Subsea 7 achieved $3.4 billion order intake during 2016 and ended the year with a backlog of $5.7 billion, compared to $6.1 billion in 2015.
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