Pacific Drilling has posted a loss of $2.5m for the first quarter of 2016 reversing a year-ago profit of $51.7m, the company confirmed late Thursday.
The Idan Ofer-backed company also reported a 27.5% decline in revenue to $205.4m, partially offset by a 33% fall in operating costs to $79m.
Pacific Drilling attributed the decline in revenue to its drillship Pacific Khamsin (built 2013) being idle during the first quarter.
The
