Chiles Offshore Announces 4Q Results

Wednesday, February 13, 2002
For the quarter ended December 31, 2001, the Chiles Offshore reported net income of $7.6 million compared to net income of $4.4 million reported for the corresponding quarter ended December 31, 2000. Revenue for the quarter ended December 31, 2001, was $20.8 million compared to revenue of $16.8 million for the corresponding quarter ended December 31, 2000. For the fourth quarter they reported other income of $3.8 million relating to economic hedges regarding the anticipated future issuance of long-term debt and short positions in natural gas futures contracts, of which $1.8 million represents cash received from realized positions and $2 million or $0.10 per diluted share represents unrealized positions. Of the $3.8 million in other income, $2.8 million represents economic hedges on interest rate movements and $1 million represents short positions in natural gas futures contracts. For the year ended December 31, 2001, they reported net income of $22.5 million or $1.20 per diluted share, on revenue of $74.2 million. They reported a net loss of $17.7 million or a $1.73 loss per diluted share on revenue of $56 million for 2000. The rig fleet operated at 100 percent utilization and generated an average dayrate of $71,643 as compared to 100 percent utilization and an average dayrate of $60,696, for the corresponding quarter ended December 31, 2000.

The two rigs currently under construction, the "Chiles Discovery", at the Keppel FELS shipyard in Singapore, and the "Chiles Galileo", at the AMFELS shipyard in Brownsville, Texas, are presently "on schedule" for delivery and commissioning during the second and third quarters of 2002, respectively. Chiles Offshores has entered into a drilling contract with an affiliate of Phillips Petroleum for a minimum expected contract period of 600 days for the use of the "Chiles Discovery" in the Timor Gap Zone of Cooperation between Australia and East Timor.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Wärtsilä BWM Systems for Chemical Tankers

A series of eight new 33,000 DWT chemical tankers, currently under construction in Asia, will feature Wärtsilä Aquarius UV Ballast Water Management Systems (BWMS)

BW LPG Exercises Purchase Option on Vermilion First

BW LPG Limited exercises purchase option over Very Large Gas Carrier Vermilion First. The VLGC Vermilion First has been on a time charter with BW LPG since

Interview: Nakilat's Samir Bailouni

SGMF Membership - Uncovered: An interview with Samir Bailouni, Nakilat The Society for Gas and Marine Fuel (SGMF) recently interviewed one of its members, Samir

Finance

Hike in Service Tax at Indian Ports

  The Indian Ministry of Finance has advised an increase in service tax and applicable at all ports. The effective date has not yet been announced. The

Vessels for the Future – New R&D Initiative

Looking ahead to 2020 and beyond, both maritime and inland waterways will be under ever increasing pressure, as we use them for transport, recreation and commercially.

“Bright Ideas” program - Ash Center - Harvard University

The Ash Center for Democratic Governance and Innovation at the John F. Kennedy School of Government, Harvard University, recognized the Port of Houston Partners

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1631 sec (6 req/sec)