Questions regarding RIG report
How does the average dayrate decline between reporting periods in a supposedly bullish dayrate environment
where rigs are at a premium?
<<The average dayrate for the company's 62 fully owned and active mobile offshore drilling units
was $71,500 during the three months ended December 31, 2000, improving from $67,200 during
the preceding three months in 2000, but below the pro forma $77,300 average dayrate
experienced during the corresponding three months in 1999. The average dayrate for the
company's 42 fully owned or chartered and active floaters was $87,800, compared to $81,400
and a pro forma $96,500 during the three months ended September 2000 and December 1999,
respectively.>>
It appears that planned and unplanned maintenance has hampered earnings this quarter and will continue to
into the next quarter. Is this par for the course with deepwater drillers or is this endemic to RIG? I haven't seen GLM go through the kind of pain that RIG has experienced in the past.
Also, it looks like the consensus for earnings was .12, yet RIG reported .16 / dilluted share, but a loss of .04 was squeeked out after extraordinary items. I remember that RIG gave some guidance months ago regarding earnings. Does anybody remember the specifics of that guidance and how that fits with these numbers?
Thanks,
Malcolm. |
