GlobalSantaFe Announces 3Q Earnings

Wednesday, October 22, 2003
Worldwide oil and gas drilling contractor GlobalSantaFe Corp. reported net income for the third quarter ended September 30, 2003, of $15.1 million, or $0.06 per diluted share, on revenues of $458.1 million, as compared to net income of $75.0 million, or $0.32 per diluted share, on revenues of $514.4 million for the same quarter in 2002. For the nine months ended September 30, 2003, GlobalSantaFe reported net income of $104.9 million, or $0.45 per diluted share, on revenues of $1,408.5 million, as compared to net income of $225.5 million, or $0.95 per diluted share, on revenues of $1,504.8 million for the corresponding period in 2002. The company's net income for the first nine months of 2003 included $22.3 million, or $0.09 per diluted share, from the settlement of claims filed in 1993 with the United Nations Compensation Committee for losses suffered as a result of the Iraqi invasion of Kuwait in 1990. Revenues for the third quarter of 2003 were down by $56.3 million compared to the third quarter of the previous year as a result of a $73.4 million decline in revenues from the contract drilling segment, offset by a $17.1 million increase in revenues from the drilling management services and the oil and gas segments. The decrease in contract drilling revenues was due primarily to lower dayrates and utilization for the company's North Sea and deepwater rigs, and lower utilization for its West Africa jackups and land rigs, partially offset by improved utilization and dayrates for the U.S. Gulf of Mexico jackups. The decline in net income for the third quarter of 2003 can be attributed mainly to the decline in revenues from the contract drilling segment. The contract drilling segment reported operating income of $28.8 million for the third quarter of 2003, down from $97.2 million in the corresponding quarter of 2002. For the third quarter of 2003, GlobalSantaFe's drilling management services segment reported operating income of $5.5 million on revenues of $128.8 million, compared to operating income of $7.3 million on revenues of $117.6 million in the same quarter of 2002. The lower margin for the drilling management services segment during the third quarter 2003 was primarily the result of lower margins on projects in the North Sea. "We continue to maintain strong financial discipline with a focus on lowering costs. While the worldwide jackup market appears to be strengthening, we expect to see continued softness in the mid-water depth floater markets and a marginal over supply in the deepwater markets," said GlobalSantaFe President and Chief Executive Officer, Jon Marshall.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Salvage

Oil Leak Contained at MV Miner Site

On-site workers acted quickly to contain an oil leak during the final stages of removing the wreck of the MV Miner off Scaterie Island, says the government of Canada’s Nova Scotia province.

Indonesia Sinks Boats from China

According to The China People's Daily, Indonesia has just sank a large Chinese vessel and 40 other foreign ships caught fishing in The South China Sea.    The

Norwegian Cruise Ship Ran Aground off Bermuda

The Norwegian Dawn cruise ship with more than 3,700 people on board ran aground in Bermuda after the vessel temporarily lost power.   Small boats, divers and

 
 
Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1497 sec (7 req/sec)