Sevan Drilling ASA reported unaudited consolidated earnings results for the fourth quarter and preliminary results for the year ended December 31, 2013. For the quarter, the company reported operating income of $67.7 million against $57.9 million a year ago. EBITDA was $5.5 million against $23.3 million a year ago. Operating loss was $9.7 million against profit of $8.0 million a year ago. Loss before tax was $26.3 million against $6.6 million a year ago. Net loss was $28.3 million or $0.05 per basic and diluted share against $1.9 million or $0.01 per basic and diluted share a year ago.

For the full year 2013, the company reported operating income of $257.7 million against $173.4 million a year ago. EBITDA was $57.5 million against $54.5 million a year ago. Operating loss was $6.6 million against profit of $11.4 million a year ago. Loss before tax was $95.6 million against $31.0 million a year ago. Net loss was $156.6 million or $0.28 per basic and diluted share against $11.7 million or $0.03 per basic and diluted share a year ago. Net cash used in operating activities was $19.6 million against net cash generated from operating activities of $6.1 million a year ago. Purchases of property, plant and equipment was $583.8 million against $105.0 million a year ago.