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Pacific Drilling hit by Nigerian currency plunge

Drilling company Pacific Drilling took an exchange rate hit of USD 2.9 million in the second quarter, which nevertheless ended positive due to a one-off income. A continued focus on costs also impacted the result.

Photo: POLFOTO/AP/Daniella Beccaria

The Nigerian government's decision to send the country's currency, the naira, into free fall has triggered one-off losses for Pacific Drilling, to the second-quarter interim report from the company, which has seven drilling vessels in its fleet.

The naira's plunge by more than 40 percent cost Pacific Drilling USD 2.9 million during the quarter, which otherwise showed a combined profit on the bottom line of USD 8.2 million against a loss of USD 2.5 million in the first quarter of 2016. But there is more to the story, as the company booked a gain of USD 14.2 million in the second quarter as a result of the completion of senior notes due 2017.

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