Pacific Drilling remained in the red for the fourth quarter, during which the Idan Ofer-backed company emerged from bankruptcy.
The New York-traded company reported a $1.8bn loss between 1 October and 20 November, when the company's reorganization plan went into effect.
After bankruptcy, the company posted a $27.5m loss.
Total contract drilling revenue came in at $59.6m alongside $44.8m in operating expenses
“Following our emergence from Chapter 11 on November 19, our leadership team placed heightened emphasis on cost control and G&A process optimization while ensuring that we continue to deliver the level of high-quality drilling services for which Pacific Drilling has become recognized in our industry," said chief executive Bernie Wolford.
"Cost reductions as a result of the organizational and process changes made will extend the benefits of our recapitalization and result in better margins as the market for deepwater drilling services improves.”
Wolford trumpeted a charter extensions for the Pacific Bora by Nigerian Agip Exploration Limited, a subsidiary of Italian Eni, and for the Pacific Sharav by Chevron.
He said dayrates for the ships remain challenging, but the company is seeing increased charter activity.
"We remain focused on securing additional backlog for our currently operating fleet of three rigs and believe we will have several opportunities to contract one of our smart-stacked rigs before year-end," he said.
