Sevan Drilling Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company announced operating revenue of USD 52.8 million compared to USD 83.1 million for the same period a year ago. Operating loss was USD 4.7 million compared to operating profit of USD 19.8 million for the same period a year ago. Loss before tax was USD 21.5 million compared to profit before tax of USD 2.4 million for the same period a year ago. Net loss attributable to equity holders of the company was USD 20.4 million or 0.69 cents per basic and diluted share compared to net profit attributable to equity holders of the company of USD 2.2 million for the same period a year ago. Net cash generated from operating activities was USD 0.4 million compared to USD 25.7 million for the same period a year ago. Purchases of property, plant and equipment and other non-current assets was USD 2.2 million compared to USD 6.6 million for the same period a year ago. EBITDA was USD 12.7 million compared to USD 36.9 million for the same period a year ago. The revenue decrease is explained by the Sevan Driller contract termination December 1, 2015, the reduced rate on the Sevan Brasil offset by rate efficiencies on the Sevan Brasil and Sevan Louisiana during the quarter.