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

Tanker Trends

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.4357 sec (2 req/sec)