Sevan Drilling Ltd. reported consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported operating revenue of USD 59.6 million compared to USD 98.4 million a year ago. Operating loss was USD 34.0 million compared to operating income of USD 41.7 million a year ago. Loss before tax was USD 50.9 million compared to profit before tax of USD 24.1 million a year ago. Net loss attributable to equity holders of the company was USD 53.1 million or USD 1.79 million per basic and diluted shares compared to net profit attributable to equity holders of the company of USD 26.4 million or USD 0.89 million per basic and diluted shares a year ago.

For the nine months, the company reported Operating revenue was USD 173.9 million compared to USD 280.9 million a year ago. Operating loss was USD 26.2 million compared to operating income of USD 94.5 million a year ago. Loss before tax was USD 78.4 million compared to profit before tax of USD 42.2 million a year ago. Net loss attributable to equity holders of the company was USD 80.9 million or USD 2.72 million per basic and diluted shares compared to net profit attributable to equity holders of the company of USD 42.3 million or USD 1.42 million per basic and diluted shares a year ago. Net cash generated from operating activities was USD 47.5 million compared to USD 70.7 million a year ago. Purchase of the property, plant and equipment and other non-current assets was USD 3.9 million compared to USD 16.9 million a year ago.

For the third quarter, the company provided non- cash asset impairment charge of USD 37.5 million.