Hold on to your hats--MRL Reports
Marine Drilling Companies Inc. Announces 4th Quarter Financial Results
SUGAR LAND, Texas--(BUSINESS WIRE)--Jan. 23, 2001--Marine Drilling Companies Inc. (the ``Company'') (NYSE:MRL - news) today reported fourth quarter 2000 net income of $20.0 million, or $0.34 per share, on revenues of $80.1 million, compared to net income of $2.5 million, or $0.04 per share, on revenues of $44.8 million for the same period in 1999. Average daily revenue and rig utilization for the quarter ended Dec. 31, 2000, increased to $52,205 per operating day and 93%, respectively, compared to $33,643 per operating day and 90%, respectively, for the fourth quarter of 1999.
For the year ended Dec. 31, 2000, net income was $48.3 million, or $0.81 per share, on $264.0 million of revenue versus a net loss of $6.1 million, or $0.11 per share, on revenues of $115.4 million for 1999.
Jan Rask, president and chief executive officer of Marine, said, ``We are very pleased with our fourth quarter results, which improved approximately 31% over our third quarter results due primarily to higher dayrates for our jackup fleet in the Gulf of Mexico. Average dayrates for the fourth quarter were 14% higher than the third quarter and these rates have continued to increase during the first quarter of 2001. Additionally, our fourth quarter results do not reflect any dayrate increases related to the Marine 700 since we are still awaiting the arbitration hearing. We are comfortable with consensus earnings estimates for the first quarter of 2001 and all indications are that 2001 earnings will be significantly higher than the $0.81 per share earned in 2000.''
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