PwC LLP Raises Going Concern Doubt for North Atlantic Drilling

North Atlantic Drilling Ltd. filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F, disclosing a net loss of $52.4 million on $534.7 million of total operating revenues for the year ended December 31, 2016, compared to a net loss of $56.8 million on $747.7 million of total operating revenues for the year ended in 2015.

PricewaterhouseCoopers LLP in Uxbridge, United Kingdom, states that the Company has near term liquidity constraints due to significant cash outflows for which sufficient cash is not available which raises substantial doubt about the Company’s ability to continue as a going concern.

The Company’s balance sheet at December 31, 2016, showed total assets of $2.92 billion, total current liabilities of $1.26 billion, total non-current liabilities of $1.27 billion, and a total stockholders’ equity of $386 million.

A full-text copy of the Company’s Form 20-F is available at:
http://bit.ly/2qWgtrP

North Atlantic Drilling Ltd. is a Hamilton, Bermuda-based offshore drilling contractor focused on operations in the North Atlantic region, including offshore Norway and the U.K. The Company’s drilling rigs with major oil companies like Statoil, ConocoPhillips, Total and ExxonMobil.