Chiles Offshore Reports 1Q Results

Thursday, April 18, 2002
Chiles Offshore Inc. reported that, for the quarter ended March 31, 2002, the company had net income of $4.1 million or $0.20 per diluted share after an extraordinary loss of $0.02 per diluted share, compared to net income of $5.3 million or $0.30 per diluted share reported for the corresponding quarter ended March 31, 2001. Revenue for the quarter ended March 31, 2002, was $19.8 million compared to revenue of $19.2 million for the corresponding quarter ended March 31, 2001. The extraordinary loss incurred in the quarter ended March 31, 2002, resulted from the Company's decision to cancel an $82 million credit facility established to partially finance the construction of the Chiles Discovery. The Company never drew on the facility. For the quarter ended March 31, 2002, the rig fleet operated at 100% utilization and generated an average dayrate of $69,662 as compared to 100% utilization and an average dayrate of $68,926, for the corresponding quarter ended March 31, 2001. In February 2002, the Company took scheduled delivery of its newest ultra- premium jackup rig, the Chiles Discovery, from the Keppel FELS shipyard in Singapore. The Chiles Discovery, which is a KFELS Mod V "B" design, has completed final commissioning and is currently expected to commence operations before the end of May 2002 under a 600-800 day contract with an affiliate of Phillips in the East Timor Sea located between East Timor and Australia. Beginning with the quarter ended March 31, 2002, the Company presents its reported operating revenue and expense in two separate categories. "Contract revenue" refers to the revenue generated directly by the dayrates earned under its drilling contracts while "reimbursable revenue" refers to revenue related to pass-through operating costs, incurred from time to time, on behalf of customers. "Operating expense" refers to the direct operating costs incurred to operate the rigs and "reimbursable expense" refers to the offsetting costs of the reimbursable revenue. The Company has, furthermore, decided to provide additional financial and operational information in the "Supplementary Comparative Financial and Operational Data" section of the earnings release.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

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


Sandra Weakens to Tropical Storm off Mexico's Coast

Hurricane Sandra weakened to a tropical storm on Friday and was expected to continue losing strength as it approached Mexico's Pacific coast, the U.S. National Hurricane Center (NHC) said.

Extended Warranty from Yanmar for Sailboat Engines

Yanmar Marine International B.V. has introduced an extended 3 years’ period of YANMAR Limited Warranty for Sailboat Engine Models. This extended warranty of

Fugro's Havila Harmony to join MH370 Search

Fugro is providing an additional vessel, the Havila Harmony, to join the search for the missing flight MH370 in the southern Indian Ocean. From the 93-metre multi-role vessel,

Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
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: 0.0805 sec (12 req/sec)