Дорогие друзья! Больше трех лет я рассказываю вам об основных новостях, событиях, трендах на мировом рынке нефти и газа. Я делаю это бесплатно и без рекламы. Поэтому я прошу вас о помощи. Wognews нуждается в развитии. Вас больше 20 000 человек из более чем 80 стран мира. Если каждый пожертвует небольшую сумму денег, 500 или 1000 рублей, или больше, wognews станет лучше. Спасибо, Владимир Виноградов, основатель wognews.

Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2016-03-03 18:45:00

TESCO NET LOSS $133.8 MLN

TESCO NET LOSS $133.8 MLN

 

TESCO CORPORATION RESULTS 4Q2015

 

Tesco Corporation Reports Fourth Quarter 2015 Results and Announces Suspension of Dividend

  • Revenues declined to $52.2 million as a result of challenging market conditions
  • Adjusted EBITDA was $(2.0) million, or 3.8% of revenue
  • The quarter ended with cash of $51.5 million and no debt
  • Reported diluted EPS was a loss of $2.00 and adjusted EPS was a loss of $0.33
  • Restructuring programs to date expected to yield $50 million of annualized savings
  • Dividend suspension will improve 2016 cash flow by $8 million

HOUSTON, March 1, 2016  Tesco Corporation ("Tesco" or the "Company") (NASDAQ: TESO) today reported fourth quarter and full-year 2015 financial and operating results as well as the Board of Director's decision to suspend the quarterly dividend.

Fourth Quarter Operating Results

Fernando Assing, Tesco's Chief Executive Officer, commented, "We continue to position our business under the assumption that the market will remain lower for longer. Consistent with our commitment of sustainability through the current market cycle, we implemented additional global restructuring actions in the fourth quarter that are expected to produce annualized savings of approximately $10 million, bringing our expected total annualized savings from restructuring to $50 million. These actions are designed to lower our cost structure and better match current market activity.

"Our near-term objective is to become cash flow neutral at the bottom of this downturn and to use our safety record, our service and product quality and our technology to gain additional market acceptance and market share. We continue to adapt our business models to create a more sustainable and competitive company."

In line with this cash preservation objective, the Board of Directors has decided to suspend Tesco's quarterly dividend as part of a broader plan of reducing costs, working capital, and capital expenditures. By suspending what has been a $0.05 per share quarterly dividend, Tesco will preserve approximately $8 million cash annually.

Tesco reported revenue of $52.2 million for the fourth quarter ended December 31, 2015, down from $61.4 million, or 15%, in the third quarter of 2015 and down from $134.5 million, or 61%, in the fourth quarter of 2014. The sequential decline in revenue was primarily from lower activity and revenues in North America and Latin America for our rental and AMSS offerings.

Tesco reported a net loss of $78.1 million, or $(2.00) per diluted share, for the fourth quarter ended December 31, 2015. Our adjusted net loss for the quarter was $13.4 million, or $(0.33) per diluted share, excluding special items, consisting of a several large non-cash charges related to the full impairment of goodwill, additional inventory reserves, write-off of deferred tax assets and increased bad debt reserves, coupled with additional restructuring costs, significant foreign exchange losses due to a strong U.S. dollar and exit costs related to the sale of our Venezuelan operations. This compares to a reported net loss of $19.9 million, or $(0.51) per diluted share, in the third quarter of 2015, and a net loss of $2.1 million, or $(0.05) per diluted share, for the fourth quarter of 2014. Adjusted net loss in the third quarter of 2015 was $12.5 million, or $(0.32) per diluted share, and adjusted net income in the fourth quarter of 2014 was $4.8 million, or $0.12 per diluted share.

Adjusted EBITDA was $(2.0) million for the fourth quarter of 2015 compared to adjusted EBITDA of $(1.0) million in the third quarter of 2015. Sequential adjusted EBITDA decrementals were approximately 11% on nearly 15% revenue decline, highlighting the positive impact of cost reductions and restructuring. Adjusted operating loss during the fourth quarter was $11.6 million which excludes the impact of $55.7 million of non-cash charges related to goodwill, inventory and bad debt plus additional restructuring costs, Venezuela exit costs and significant foreign exchange losses.

Cash and cash equivalents as of December 31, 2015 declined sequentially by approximately $5.3 million to $51.5 million, with free cash flow near break-even before approximately $2 million of severance payments. Excluding the additional reserve, inventory declined by over $6 million in the fourth quarter, a downward trend we expect to continue. Despite the challenging market environment, cash from operations was nearly breakeven excluding the impact of restructuring payments and the Argentina currency devaluation. In addition, cash was consumed for capital expenditures of $3.0 million offset by proceeds from the sale of used equipment of $5.9 million, $2.0 million in dividend payments and $2.2 million in research and engineering investments.

Tesco ended the year with $51.5 million of cash and no borrowings on its credit facility, other than supporting $1.3 million of letters of credit. Excluding $10 million of restructuring payments in 2015, the Company's cash flow from operating activities would have been approximately $3.5 million. The company believes its existing cash balances provide adequate liquidity in this market. Nonetheless, as a result of a reduction of trailing twelve month earnings and other charges, the Company was not in compliance with certain financial covenants on its undrawn facility, for which we received a two month waiver and agreed to reduce the revolver to $60 million. The Company intends to replace its existing credit facility to provide incremental liquidity should it be required in the future in excess of its cash balances.

tescocorp.com

-----

More: 

TESCO CORPORATION DOWN 57% 

TESCO CORP LOSS $(35.7) MLN 

ISSUES FOR TESCO CORPORATION 

TESCO NAMED THE NEW BOSS 

TESCO: BELOW EXPECTATIONS AGAIN

 

 

Tags: TESCO, TOP, DRIVES, OIL, PRICES,

Chronicle:

TESCO NET LOSS $133.8 MLN
September, 22, 09:20:00

OIL PRICE: NOT ABOVE $57

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

TESCO NET LOSS $133.8 MLN
September, 22, 09:15:00

СОТРУДНИЧЕСТВО АЛЖИРА И РОССИИ

Руководители энергетических ведомств России и Алжира обсудили состояние и перспективы двустороннего сотрудничества, а также совместную деятельность в многосторонних форматах, в том числе взаимодействие в рамках Форума стран-экспортеров газа. Также речь шла о взаимодействии в рамках соглашения ОПЕК+ по сокращению объемов добычи нефти. Стороны подтвердили приверженность исполнению взятых обязательств по достижению скорейшей ребалансировки нефтяного рынка.

TESCO NET LOSS $133.8 MLN
September, 22, 09:10:00

ГАЗ РОССИИ ДЛЯ МАРОККО

Александр Новак отметил, что Россия занимает лидирующие позиции в мире в области топливно-энергетического комплекса, в частности, первое место по добыче нефти, второе место по добыче газа. «При этом Россия - номер один по экспорту газа. Мы добываем 670 млрд кубических метров газа, из них 220 млрд поставляем в другие страны различными способами – трубопроводным и сжиженным», - подчеркнул Министр.

TESCO NET LOSS $133.8 MLN
September, 22, 09:05:00

НОВЫЕ ТЕХНОЛОГИИ РОССИИ

Кирилл Молодцов также сообщил о применении новых технологий в сфере нефтегазодобычи. «Из общего количества технологий, а их насчитывается примерно 600, более 300 производятся в России. Более двухсот имеют российские наработки и аналоги, то есть практически имеют стадию разработки проекта. Есть технологии, которые нас сильно волнуют, и мы будем развивать их дальше. Это абсолютно автономные системы добычи, окончание морских месторождений, забуривание, возможности создания и развития проектов в Арктике», - заключил Кирилл Молодцов.

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00