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

Finance

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Carrier Schedule Reliability Improves in April

Transport consultant Drewry’s Carrier Performance Insight (CPI) for April records 67.6%, up by 4.1 percentage improvement on the previous month in the aggregate

Passenger Vessels

Electric & Hybrid Propulsion Ordered fir CMAL Ferry

Imtech Marine informs it has been awarded a third contract to supply the electric and hybrid propulsion system for a hybrid ferry operated by Caledonian Maritime Assets Ltd (CMAL) of Scotland.

Malaysia Orders Migrant Rescues, Thailand Says No to Shelters

Malaysian Prime Minister Najib Razak said on Thursday he had ordered the navy to conduct search and rescue missions for thousands of migrants adrift at sea as Thailand's

Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1172 sec (9 req/sec)