Marine Drilling Reports Fourth Quarter Results
Marine Drilling Companies Inc. reported fourth quarter 1999 net income of $2.5 million, or $0.04 per share, on revenues of $44.8 million, compared to net income of $7.0 million, or $0.13 per share, on revenues of $43.0 million for the fourth quarter of 1998. Average daily revenue for the fourth quarter of 1999 decreased to $33,643 per operating day compared to $39,666 per operating day during the same period in 1998. However, utilization increased to 90% from 78% for the same respective periods.
Jan Rask, president and chief executive officer of Marine, said, "We are encouraged by the recent market improvements in utilization and dayrates, particularly for jack-up rigs in the Gulf of Mexico, where our utilization increased to 100% for the fourth quarter from 86% in the third quarter. We will expand our Gulf of Mexico presence in the second quarter by mobilizing the Marine 201 and the recently acquired Marine 202 to that market."
For the year ended Dec. 31, 1999, the Company had a net loss of $6.1 million, or $0.11 per share on revenues of $115.4 million versus net income of $60.8 million or $1.15 per share on revenues of $228.0 million for the twelve months ended Dec. 31, 1998. Average daily revenue and rig utilization for 1999 decreased to $28,566 per operating day and 69% compared to $43,917 per operating day and 92% for 1998.
Marine Drilling Companies Inc. has a fleet of 18 offshore drilling rigs located in the U.S. Gulf of Mexico and select international markets. The fleet consists of 16 jackups, one of which is currently configured as an accommodation unit and two deep-water semi-submersibles.