Kenmare to build on bounceback in oil market

Drilling firm’s chief Carville says it has slashed losses, but it’s still keeping an eye on balance sheet

Barry J Whyte

Chief Feature Writer @whytebarry
26th March, 2017
Michael Carville admits his ability to crystal-ball gaze ‘in this oil market is somewhat flawed’ Picture: Tony O’Shea

After a harrowing 2016, Kenmare Resources has slashed its losses. But chief executive Michael Carville says there is more work to be done.

Kenmare, the Irish drilling company listed in London, saw a $26.6 million swing in its earnings through the course of 2016, which helped to cut its losses from $61.9 million at the end of 2015 to losses of $17.1 million at the end of 2016.

That surge in the company’s fortunes came partly from a $275 million share placing...

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