Greka Drilling posts a loss of $5.5m for the six months to the end of June compared with $4.8m last time. Revenue fell to $2.6 million - down from US$11.9 million a year ago.
Chairman and chief executive Randeep S. Grewal said: "We have previously advised that we expected this year to be very challenging while the oil and gas operators realign their portfolios to the new oil price environment. Unconventional drilling, the company's niche, has been largely suspended by most of the operators.
"During this period, we continued to take steps to reduce costs, improve our drilling efficiency and diversify our services and customer base. Indeed, this year we expect to have an equal client base between China and India.
"In India, we won a new contract from Essar Oil to drill vertical and directional wells on a day-rate basis. We have completed 7 directional wells under this contract and hope to complete 30 wells with 2 rigs in the second half. Additionally, we are in advanced talks with other oil and gas operators to mobilise other rigs in the central part of India.
"In China, it is anticipated that a number of larger E&P companies, including Green Dragon Gas, will start their drilling programme for 2016 in the fourth quarter so as to conclude their objectives prior to year-end. GDL is well positioned and is in discussions in relation to carrying out this work. We remain confident about the market and the Company's longer term prospects in China."
At 9:38am: (LON:GDL) Greka Drilling share price was -0.75p at 2.25p