Rig owner Rowan suffered net losses of $24.4million in the fourth quarter of 2016, driven by double-digit declines on the deepwater and jack-up segments.
The Houston-based firm had enjoyed a net income of $124.4million during the final quarter of 2015.
Rowan’s revenues were $351.8million over the three months, a decrease of 34% from the prior-year quarter.
Rowan Relentless was idle and Rowan Resolute operated at a reduced day rate in Q4.
Jack-up revenues were impacted by lower utilization and lower day rates.
Rowan chief executive Tom Burke said: “In the past year, we displayed outstanding operational and safety performance, exercised financial discipline, improved our liquidity and strengthened our balance sheet, and announced a groundbreaking partnership with Saudi Aramco.
“While we are cognizant that 2017 still presents many challenges, we are hopeful that the commodity price improvement and increase in potential drilling activity will guide our industry toward recovery.
“Through our continued focus on safe, reliable and efficient operations, we will seek to take advantage of any market recovery.”
Rowan has a fleet of 29 mobile offshore drilling units, comprised of 25 jack-up rigs and four ultra-deepwater drillships.