Transocean Sedco Forex Reports Third Quarter 2001 Earnings

Tuesday, October 30, 2001
Transocean Sedco Forex Inc. announced that net income for the three months ended September 30, 2001 was $97.6 millionon revenues of $770.2 million. Net income for the quarter included a net after-tax gain totaling $7.5 million, resulting primarily from the sale of two Nigerian-based land rigs and the disposal of an inland drilling barge. Excluding the net after-tax gain, net income for the three months ended September 30, 2001 was $90.1 million. For the corresponding three months in 2000, net income was $49.3 million, and included a net after-tax gain of $7.1 million. Revenues for the three months ended September 30, 2000 were $314.5 million. For the nine months ended September 30, 2001, net income was $196.6 million, on revenues of $2,072.5 million.

Adjusting for the net after-tax gain and the extraordinary loss, net income for the nine months ended September 30, 2001 was $190.4 million. For the corresponding nine months in 2000, net income totaled $117.7 million, on revenues of $914.6 million. Transocean Sedco Forex completed a merger transaction with R&B Falcon Corporation on January 31, 2001.

Results for the nine months ended September 30, 2001 reflect only eight months of operating results of R&B Falcon Corporation. Pro Forma utilization measures noted below have been calculated based on the combined fleet of Transocean Sedco Forex and R&B Falcon for the nine months ended September 30, 2001 and the equivalent period during 2000. Revenues from the company's International and U.S. Floater Contract Drilling Services business segment totaled $655.0 million, or 85 percent of total operating revenues during the three months ended September 30, 2001. Field operating income, defined as operating revenues less operating and maintenance expense, for this segment was $313.4 million, or 89 percent of total field operating income during the three months ended September 30, 2001.

Fleet utilization for this segment during the three months ended September 30, 2001 was 81 percent, compared to 82 percent during the three months ended June 30, 2001. Pro forma fleet utilization during the three months ended September 30, 2000 was 82 percent. Revenues from the company's Gulf of Mexico Shallow and Inland Water business segment declined 17 percent during the three months ended September 30, 2001 to $115.2 million, or 15 percent of total operating revenues, compared to revenues of $138.6 million during the three months ended June 30, 2001. Segment field operating income was $38.6 million, or 11 percent of total field operating income for the three months ended September 30, 2001, compared to $70.7 million for the three months ended June 30, 2001. During the three months ended September 30, 2000, pro forma segment utilization was 58 percent.

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

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Passenger Vessels

Arctic Cruise Ship Brings High-tech, Green Design

A new vessel has been designed as a luxury expedition cruise vessel for worldwide operation including Arctic and Antarctic regions for itineraries up to 21 days with 300 passengers aboard.

ISS Appoints Holmes as VP, Cruise Solutions

Inchcape Shipping Services (ISS) said it is embarking on a plan to develop its cruise business with the appointment of Grant Holmes as Vice President, Cruise Solutions.

Palmer Johnson Yatchs Shuts Sturgeon Bay, Moves to Europe

Luxury yacht manufacturer Palmer Johnson Yachts is closing its production facilities in Sturgeon Bay because of dwindling sales and competition from overseas.   In

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.5792 sec (2 req/sec)