For the quarter ended December 31, 2001, the Chiles Offshore reported net income of $7.6 million compared to net income of $4.4 million reported for the corresponding quarter ended December 31, 2000. Revenue for the quarter ended December 31, 2001, was $20.8 million compared to revenue of $16.8 million for the corresponding quarter ended December 31, 2000.
For the fourth quarter they reported other income of $3.8 million relating to economic hedges regarding the anticipated future issuance of long-term debt and short positions in natural gas futures contracts
, of which $1.8 million represents cash received from realized positions and $2 million or $0.10 per diluted share represents unrealized positions. Of the $3.8 million in other income, $2.8 million represents economic hedges on interest rate movements and $1 million represents short positions in natural gas futures contracts. For the year ended December 31, 2001, they reported net income of $22.5 million or $1.20 per diluted share, on revenue of $74.2 million. They reported a net loss of $17.7 million or a $1.73 loss per diluted share on revenue of $56 million for 2000. The rig fleet operated at 100 percent utilization and generated an average dayrate of $71,643 as compared to 100 percent utilization and an average dayrate of $60,696, for the corresponding quarter ended December 31, 2000.
The two rigs currently under construction, the "Chiles Discovery", at the Keppel FELS shipyard in Singapore
, and the "Chiles Galileo", at the AMFELS shipyard in Brownsville, Texas
, are presently "on schedule" for delivery and commissioning during the second and third quarters of 2002, respectively. Chiles Offshores has entered into a drilling contract with an affiliate of Phillips Petroleum for a minimum expected contract period of 600 days for the use of the "Chiles Discovery" in the Timor Gap Zone of Cooperation between Australia and East Timor.