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 April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.0698 sec (14 req/sec)