The 47% improvement in profitability came of the back of a $97 million (15%) improvement in revenues, and stronger earnings before tax, before the restructuring costs were added to the books, which made up the lion’s share of $80 million in significant costs.
The restructure, which was completed in September, saw a reduction of debt to $77 million, the extension of its debt maturities, and an improvement of its liquidity position.
CEO Jeff Olsen said the final quarter of the calendar year showed a continuing upward trend.
“We continue to see signs of improvement in our markets and this has translated to improvement in revenue, marginally higher utilisation of our drill fleet and further improvement in our product backlog compared to 2016.”
The average number ...