Marine Drilling Reports Fourth Quarter Results

Friday, January 28, 2000
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.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Beyond the Black Box

Using the VDR as the Ship’s Data Clearing House provides budget-minded operators with the means, the bandwidth and the economy to monitor critical systems. Go on: dip your toes in the big data water.

Imtech Marine, Radio Holland Equip Floatel

Last month, POSH Xanadu, the largest purpose-built floatel to date was delivered at PaxOcean in Zhoushan. POSH Xanadu is a ship-shaped column stabilized semi-submersible accommodation platform,

Enhanced Satellite Connectivity in Papua New Guinea

SpeedCast partners with O3b to deliver enhanced connectivity to Papua New Guinea   Global satellite communications service provider SpeedCast International Limited

Finance

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

Obama, Modi Aim High on India Trip

In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators 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: 0.2749 sec (4 req/sec)