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