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

Marine Electronics

New Simulation Tool for Collision Reconstruction

BMT ARGOSS and BMT Surveys, subsidiaries of BMT Group Ltd, the international design, engineering and risk management consultancy, announced an innovative new service

NAVTOR, AWT Pact Heralds in e-Nav Integration

E-navigation pioneer NAVTOR has signed an agreement with maritime weather routing specialist Applied Weather Technology (AWT) that will see the two companies integrating

Seakeeper Launches 5 New Models

Seakeeper proudly introduces five new models, offering stability and roll reduction for vessels 30’ and larger! The product range now includes the Seakeeper 5, 9,

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 Contracts Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar 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: 0.1140 sec (9 req/sec)