Operating profits totalled $107.6m - down by $5.1m compared to the previous three months.

CEO Alf Thorkildsen said: "North Atlantic Drilling delivers another strong quarter with a record utilisation and revenues and a very solid operating margin.

"The market uncertainty with a decline in long term interest rates had an adverse impact through the interest rate swaps and hence led to a reduction in earnings.

"Whilst our performance is strong, contract backlog is solid and the outlook for our business very favourable, we have taken decisive actions to protect shareholder value against increases in taxation.

"We have also decided to pursue a listing of our shares on one of the main stock exchanges in New York."

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