Island Drilling swings to loss on impairment

Island Drilling, a Norwegian drilling contractor owning the Island Innovator semi-submersible drilling rig, has recorded a net loss of $51.5 million in the fourth quarter of 2014.

The company has said that due to the general decline in the market values for drilling rigs, it has taken an impairment charge on the Island Innovator rig value of $61 million.

Adjusted for the impairment loss, the net profit in the fourth quarter was USD 9,5 million. Operating revenues were 42.3 million.While EBITDA in the quarter amounted to $23,5 million.

While many offshore drilling contractors have predicted tough times ahead in securing work for its drilling rigs, Island Offshore, which owns one drilling unit is secured, at least in the short term.

While acknowledging that the negative trend seen in the rig market throughout 2014 is continuing, Island Offshore has said that since its rig still has six wells left under its 12-well Lundin charter contract, the weaker rig market has no impact on the company’s profitability.

 

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply