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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finance

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.1546 sec (6 req/sec)