Capital Drilling Ltd (LON:CAPD) told investors that revenue for the third quarter amounted to US$30mln, up 26% from the same period last year.
The company noted that the revenue tally was similar to the preceding quarter but said it was the group’s strongest third quarter for five years. It added that fleet utilisation for the quarter was 52%, with 48 rigs in use.
READ: Capital Drilling returns to profitability in first half as revenues soar
In a statement, the company declared an interim dividend of 0.5 US cent per share for the first half of the year, to be paid on October 6.
The company noted that it had a strong balance sheet and highlighted that it has enhanced discipline around capital expenditure.
It maintained guidance for the 2017 financial year, and highlighted that it is in active discussions with multiple new and existing customers and is confident of further exploration contract wins in the current period.
WATCH: 'Really good rise in revenue' sees Capital Drilling back in the black
"Capital Drilling delivered a solid performance in Q3, with revenues up 26% compared to the same quarter in 2016,” said Jamie Boyton, Capital Drilling executive chairman.
“Cash generation remained strong enabling a reduction in gross debt, payment of the Group's interim dividend, in addition to payment of the outstanding cash consideration to earn 50% of A2 Global Ventures.
“Market conditions have continued with the positive momentum in 2017 and shown further signs of strength in this current quarter.”