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Seventy Seven Energy Cuts Down Losses in Q4; Down 44% to $27MM
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Seventy Seven Energy today reported financial and operational results for the five months and quarter ended December 31, 2016.
This follows its August 2016 emergence from bankruptcy and subsequent pending acquisition of Seventy Seven by Patterson UTI.
Highlights: Net Loss of $27.0 million for the fourth quarter of 2016, a 44% improvement, compared to $36.5 million and $11.6 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively Consolidated Adjusted EBITDA of $29.5 million for the fourth quarter of 2016, a 156% improvement, compared to $8.5 million and $3.0 million for the two months ended September 30, 2016 and one month ended July 31, 2016, respectively Net Loss of $63.6 million and $155.7 million for the five months ended December 31, 2016…- ✓ Full news archive — U.S., Canada & international coverage
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