The London-based driller, backed by shipping and offshore billionaire John Fredriksen, reported quarterly net income of $276 million, down from $423 million a year ago, after operating revenue tumbled 24% year on year to $868 million compared with $1.15 billion in the same period of 2015.
Revenue was cut due to the expiry of contracts on a pair of rigs as well as dayrate reductions on other units.
However,
