Parsons, who joined as CEO last April, highlighted that the drilling contractor had strengthened its balance sheet, generated positive free cash flow, and paid maiden dividends.
Those achievements came in spite of a significant softening of commodity prices and headwinds in the global mining industry, he added.
“The financial performance of Capital Drilling demonstrates our robust strategy of focusing on cash generation from our assets, a high quality and young fleet, and providing blue chip clients operating long life of mine assets with multi-year drilling contracts,” he said in a statement.
Capital Drilling reported revenues of $78.7mln for the twelve months to December 31 2015, down 20% from the $98.8mln generated in the preceding year. At $9.9mln for the year earnings (EBITDA) had reduced by 52% from $20.4mln in 2014. It reported a $10.2mln net loss for the year, compared to 2014’s $600,000 loss.
Net operating cash flows remained steady, however, at $22mln for the year, versus $22.7mln in 2014, and the group ended the year with $8.3mln of net cash.
It repaid some $10mln of debt in 2015, up from $6.2mln in 2014.
Capital Drilling announced a final dividend of 2.5 cents per share for 2015. This represents a 32% increase from the maiden dividend (which was 2014’s final dividend). A total of 3 cents per share was paid out to shareholders over 2015.
The company also highlighted important long term contract wins secured during the year – including deals with Acacia Mining and separately Anglo Gold Ashanti in Tanzania, as well as extensions with Centamin, Kinross and Khoemacau.
It also emphasised the group’s ‘lean operations model’ and highlighted its ‘ongoing stringent discipline’ around cost management and capital spending.
Looking to the current financial year, Parsons added: “The current year will see Capital Drilling return to revenue growth and profitability as we seek to further our market share in emerging markets, increase our suite of drilling services and enter into strategic partnerships.
“We believe that 2015 has built a strong platform to return our business to growth despite the ongoing challenges which our industry continues to face."