18th Apr 2019 10:30
LONDON (Alliance News) - Capital Drilling Ltd on Thursday reported a drop in revenue for the first quarter of the year compared to the final quarter of 2018.
For the three months to March 31, the drilling solutions company posted revenue of USD27 million, down 12% from USD30.5 million in the last quarter of 2018.
If compared to the first quarter a year prior, however, revenue increased 1.5% from USD26.6 million.
The revenue for the first quarter is in line with Capital's guidance of USD110 to USD120 million for the year, the company said.
Average monthly revenue per operating rig increased 1.1% to USD183,000 on the fourth quarter of 2018 when it came in at USD181,000, but dropped 11% on an annual basis from USD205,000.
Looking ahead, Capital Drilling said it continues to be "well positioned" for an anticipated uplift in demand, especially in West Africa.
Capital Drilling shares were trading up 0.9% at 51.48 pence each on Thursday.
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