Hercules Offshore Reports Q3 Earnings Rise

Monday, November 06, 2006
Hercules Offshore Inc. a provider of shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry, announced financial results for its third quarter, reporting increased profit from higher revenues. The Houston, Texas-based company reported third net income of $29.7 million or $0.90 per share, compared to $10.1 million or $0.41 per share in the third quarter of 2005. Quarterly revenues grew to $97.2 million from $42.2 million in the corresponding quarter prior year. During the third quarter revenues from Domestic Contract Drilling Services were $46.4 million, compared to revenues of $28.2 million in the third quarter of 2005. International Contract Drilling Services revenues were $7.9 million in the third quarter of 2006. The company's Domestic Marine Services revenues were $40.1 million in the third quarter of 2006, up from $13.9 million in the third quarter of 2005. International Marine Services revenues, which reflect the operation of four lift boats in Nigeria acquired in November 2005 were $2.8 million. For the nine months of 2006, the company's net income was $83.5 million or $2.57 per share, compared to $29.7 million or $1.22 per share in the nine months of 2005. The results for the nine months include a gain recognized in the first quarter of 2006 of $18.6 million or $0.59 per share, net of tax of $11.0 million, related to the settlement of the company's insurance claim on the loss of Rig 25 in Hurricane Katrina. Excluding the effect of this item, net income was $64.9 million, or $1.98 per diluted share for the nine months period. Source: RealTime Traders
Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Golden Magnolia Award for Antwerp Port Rep.

Jan Van der Borght, the representative of the port of Antwerp in Shanghai, has been presented with the Golden Magnolia Award. Two years ago he won the Silver Magnolia Award,

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
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: 0.3500 sec (3 req/sec)