London-based offshore drilling company Noble Corporation has reported a loss of $24.6million (£17.7million) in its Q4 results.
The loss, which amounts to around 10 cents per share, is a strong improvement to the same period last year which saw record losses of $1.4billion (£1billion) or $5.36 per share.
Revenue dropped by nearly 20% to $329.5million (£237million), which is higher than estimated by analysts such as Zacks Investment.
Chairman, president and chief executive officer, Julie J. Robertson, said: “The results reflected a year that was outstanding in many respects, even though industry challenges continued to affect results. Of note, we posted the best safety record in the history of our Company while reducing total downtime across our fleet to just over three percent, also a record.”