Transocean Sedco Forex Reports Third Quarter 2001 Earnings

Tuesday, October 30, 2001
Transocean Sedco Forex Inc. announced that net income for the three months ended September 30, 2001 was $97.6 millionon revenues of $770.2 million. Net income for the quarter included a net after-tax gain totaling $7.5 million, resulting primarily from the sale of two Nigerian-based land rigs and the disposal of an inland drilling barge. Excluding the net after-tax gain, net income for the three months ended September 30, 2001 was $90.1 million. For the corresponding three months in 2000, net income was $49.3 million, and included a net after-tax gain of $7.1 million. Revenues for the three months ended September 30, 2000 were $314.5 million. For the nine months ended September 30, 2001, net income was $196.6 million, on revenues of $2,072.5 million.

Adjusting for the net after-tax gain and the extraordinary loss, net income for the nine months ended September 30, 2001 was $190.4 million. For the corresponding nine months in 2000, net income totaled $117.7 million, on revenues of $914.6 million. Transocean Sedco Forex completed a merger transaction with R&B Falcon Corporation on January 31, 2001.

Results for the nine months ended September 30, 2001 reflect only eight months of operating results of R&B Falcon Corporation. Pro Forma utilization measures noted below have been calculated based on the combined fleet of Transocean Sedco Forex and R&B Falcon for the nine months ended September 30, 2001 and the equivalent period during 2000. Revenues from the company's International and U.S. Floater Contract Drilling Services business segment totaled $655.0 million, or 85 percent of total operating revenues during the three months ended September 30, 2001. Field operating income, defined as operating revenues less operating and maintenance expense, for this segment was $313.4 million, or 89 percent of total field operating income during the three months ended September 30, 2001.

Fleet utilization for this segment during the three months ended September 30, 2001 was 81 percent, compared to 82 percent during the three months ended June 30, 2001. Pro forma fleet utilization during the three months ended September 30, 2000 was 82 percent. Revenues from the company's Gulf of Mexico Shallow and Inland Water business segment declined 17 percent during the three months ended September 30, 2001 to $115.2 million, or 15 percent of total operating revenues, compared to revenues of $138.6 million during the three months ended June 30, 2001. Segment field operating income was $38.6 million, or 11 percent of total field operating income for the three months ended September 30, 2001, compared to $70.7 million for the three months ended June 30, 2001. During the three months ended September 30, 2000, pro forma segment utilization was 58 percent.

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

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Passenger Vessels

Long Beach Harbor Tour Season

Long Beach Port is once again giving tourists opportunity to enjoy a rare view of port operations on a free Port of Long Beach harbor tour. The organizers are

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Drowning at Castaway Cay

Police are investigating the apparent drowning of an American cruise ship passenger off at Disney’s private island in the Bahamas - Castaway Cay in the Abacos.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair 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: 0.1756 sec (6 req/sec)