Drilling contractor Songa saw third quarter profits slump ahead of a $3.4billion takeover by rival Transocean.
Revenue for the three months to the end of September was £181million, down from the $229million reported in the same period last year.
Profit before tax amounted to $15.2 million compared to $67.4 million in the corresponding prior year quarter.
Two rigs, the Songa Dee and Songa Delta were not active in the second quarter, with the deferred cost hitting the third quarter bottomline.
The Dee, Delta and Trym are all stacked at present.
However, i a statement, Songa said ti expects the market to bottom out, with a possible return to breakeven prices.
The statement said:”The North Sea rig market continued to decline throughout 2016 with clear sign of bottoming out in 2017.
“In 2016 a total of 12 drilling contracts were awarded on the Norwegian Continental Shelf (NCS) and in the UK, while in January to October 2017 we have seen 30 contract awards, mostly with day rates somewhat above opex breakeven levels, but also some contracts with signs of improved day rates.
“The market is expected to have the activity and utilization low-point in 2017, with increased utilization and day rates thereafter, also driven by continued rig