GlobalSantaFe Announces 4Q, 2005 Earnings
GlobalSantaFe Corporation announced that the continuing surge in demand and dayrates for offshore oil and gas contract drilling services helped drive operating income sharply higher and boost net income in the fourth quarter of 2005 to $180.2 million, or 73 cents per diluted share, on revenues of $603.5 million, compared with a net loss of $7.6 million, or 3 cents per diluted share, on revenues of $498.3 million in the fourth quarter of 2004. The improved fourth quarter 2005 results included an after-tax gain of $23.5 million, or 9 cents per diluted share, resulting from the sale of the Glomar Robert F. Bauer drillship. Results for the comparable period of 2004 included a tax charge of $42.5 millionā¦
Offshore Petroleum Industry Pioneers Receive Hall of Fame Induction
The Offshore Pioneers Gala, sponsored by the Offshore Energy Center (OEC) Society, showcased the 1999 class of offshore petroleum industry pioneers inducted into the OEC Hall of Fame. Robert F. Bauer, former president of Global Marine, for his developments in the technology of offshore drilling from floating drilling rigs. Herman Brown and George R. Brown, founders of Brown & Root in 1919, created a premier design and construction company, producing offshore platforms and pipelines. Ralph Thomas McDermott began J. Ray McDermott & Co. when he took a contract to build 50 wooden derricks in Luling, Texas. Lad Handelman and D. Michael Hughes co-founded Oceaneering International, Inc., in 1969. Together, they oversaw several major innovations in underwater technology.
