On Monday evening the US operator posted a gain of $26.5m for the three months to 31 December 2014, versus a loss of $447.3m in the fourth-quarter of 2013.

In a statement chief executive Ian Blackley said he was pleased to report adjusted net income of $22.1m in his company’s first full quarter of financial results since the completion of a Chapter 11 restructuring last year.

“In