Sevan Drilling ASA Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
For the six months, operating revenue was $148.7 million, operating profit was $25.1 million, loss before tax was $0.8 million and net loss was $1.2 million or $0.00 per basic and diluted share against operating revenue of $119.8 million, operating loss of $0.7 million, loss before tax of $59.7 million and net loss of $59.7 million or $0.11 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $15.2 million against $10.5 million a year ago. Purchases of property, plant and equipment (PPE) was $23.3 million against $51.3 million a year ago.