Seahawk Drilling Inc posted a narrower-than-expected quarterly loss, helped by lower costs, and said it sees deamand improving for jackups.
Demand for jackups in the U.S. Gulf of Mexico shelf continued to improve during the quarter, and bid activity has continued to increase over the last several weeks, Chief Executive Randall Stilley said in a statement.
However, the company, which was spun-off from Pride International Inc (PDE.N), said it expects to record $1 million to $1.5 million of one-time expenses in the first quarter.
For the latest fourth quarter, net loss was $16.6 million, or $1.42 a share, compared with a profit of $21.5 million, or $1.86 a share, last year.
Excluding items, loss was $1.19 a share, compared with analysts' expectation of $1.69 a share, according to Thomson Reuters I/B/E/S.
Total revenues for the quarter plunged 79 percent to $31.3 million, but beat analysts' view of $25.47 million.
Shares of the company closed at $22.49 on Nasdaq.