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 February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

Salvage

Fugitive Treasure Hunter Arrested in Florida

An Ohio man who recovered as much as $400 million in gold from a shipwreck has been arrested in Florida after two years on the run and was scheduled to appear in federal court on Wednesday.

ms Veendam Rescues Pilot Off Maui Coast, Hawaii

On Sunday, Jan. 25, 2015, at 5:21 p.m. local time while en route to Lahaina, Hawaii, Holland America Line’s ms Veendam answered a request for assistance from

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1179 sec (8 req/sec)