Sevan Drilling ASA reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating revenue of USD 102.5 million against USD 65.7 million a year ago. Operating loss USD 72.6 million against USD 11.7 million a year ago. Loss before tax was USD 97.7 million against USD 28.3 million a year ago. Net loss was USD 102.7 million against USD 28.3 million a year ago. Net loss attributable to equity holders of the company was USD 102.7 million or USD 0.17 per share basic and diluted against USD 28.3 million or USD 0.05 per share basic and diluted a year ago. EBITDA was USD 48.6 million against USD 3.5 million a year ago.

For the year, the company reported operating revenue of USD 321.0 million against USD 249.7 million a year ago. Operating loss USD 48.3 million against USD 14.6 million a year ago. Loss before tax was USD 118.5 million against USD 103.7 million a year ago. Net loss was USD 125.0 million against USD 156.6 million a year ago. Net loss attributable to equity holders of the company was USD 125.0 million or USD 0.21 per share basic and diluted against USD 156.6 million or USD 0.26 per share basic and diluted a year ago. Net cash used in operating activities was USD 9.5 million against USD 19.6 million a year ago. Purchases of property, plant and equipment and other non-current assets was USD 29.0 million against USD 538.8 million a year ago. EBITDA was USD 124.8 million against USD 49.5 million a year ago. The revenue increase is due to improved revenue efficiencies for Sevan Driller and Sevan Brazil and Sevan Louisiana commencing operations in 2014.