The Oslo-listed rig contractor was left with a net loss of $86.3 million, reversing a year-earlier profit of $17.3 million, after recording a total impairment of $118 million on legacy units Songa Dee, Songa Delta and Songa Trym due to weak market prospects off the UK and Norway.
“The North Sea drilling market continues to be very challenging with a limited number of tenders in both the Norwegian continental shelf and UK markets,” the company said in its results statement.
“As
