LONDON (Alliance News) - Greka Drilling Ltd said Friday its annual revenue increased and its loss narrowed as it drilled more wells.
For 2017 the Asia-focused gas driller posted revenue 61% up to USD11.6 million from USD7.2 million in 2016.
Pretax loss narrowed to USD1.7 million compared to USD9.6 million a year ago, due to increase in revenue and controlled operational costs.
The company said it drilled a total of 48 wells in 2017, of which 41 in China and seven in India, compared to 33 in 2016.
In 2016 the company experience the opposite, drilling just five wells in China and 28 in India.
"We were pleased with the continued stability of our service contracts in China while we faced challenges in India. The company's dual geography strategy for stability has proven itself since being implemented five years ago. This year, the Chinese clients provided for the stability and growth," Chairman Randeep Grewal said.