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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

IMMA App Offers Access to Maritime Medical Stores

Deteriorating seafarer health and poorly-stocked onboard medical chests are major issues concerning maritime medical practitioners, which is why the International

Available: 300 Free Systems; Wanted: 300 Ships

Which will be the first 300 ships in the world to test and validate Sea Traffic Management (STM) with updated systems free-of-charge?   As the shipping domain

Vesper Marine Debuts New AIS Transponder

Marine safety products manufacturer Vesper Marine has released a new Class B Automatic Identification System (AIS), the XB-6000. The black box transponder includes


Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

R-22 Phase-out Presents Dangers and Expense -WSS

The shipping industry is facing price, supply and safety risks in the run-up to the global ban on R-22 (chlorodifluoromethane or HCFC) refrigerant, warns Wilhelmsen Ships Service,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0917 sec (11 req/sec)