Pacific Drilling posts 2Q net income of $47M

Offshore drilling contractor Pacific Drilling has posted a drop in its second quarter 2015 profit, when compared to the same period a year ago.

The company’s net profit was $47.1 million in 2Q 2015, versus $49.8 million in 2Q 2014.

Contract drilling revenue for second-quarter 2015 was $273.9 million, which included $21.5 million of deferred revenue amortization, compared to first-quarter 2015 contract drilling revenue of $283.4 million, which included $22.7 million of deferred revenue amortization.

Contract drilling revenue decreased quarter over quarter as a result of the completion of the drilling contract for Pacific Mistral drillship on Feb. 5, 2015. Contract drilling revenue grew year over year when Pacific Drilling reported $260,8 million in 2Q 2014.

During the three months ended June 30, 2015, the company said its operating fleet achieved average revenue efficiency of 95.5 percent.

 

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