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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Jamey who wrote (31174)	10/27/1998 11:34:00 AM
From: Gameboy	Respond to of 95453

Marine Drilling Companies, Inc. Announces Third Quarter Profits biz.yahoo.com Tuesday October 27, 8:32 am Eastern Time SUGAR LAND, Texas, Oct. 27 /PRNewswire/ -- Marine Drilling Companies, Inc. (NYSE: MRL - news) today reported third-quarter net income increased 4 percent to $16.9 million, or $0.32 per share on a diluted basis, compared with $16.3 million, or $0.31 per share on a diluted basis, a year earlier. Revenues for the quarter ended September 30, 1998, rose 24 percent to $63.5 million from $51.2 million for the prior-year period. The improvements were the result of a 16 percent increase in average daily revenue coupled with a 6 percent increase in operating days during the third quarter. The Marine 305 was deployed during the third quarter 1997 and the Marine 510 (also referred to as the Kan Tan 3) was deployed during the second quarter 1998. For the nine months ended September 30, 1998, net income rose 35 percent to $53.8 million, or $1.02 per share on a diluted basis, versus $39.8 million, or $0.76 per share on a diluted basis, for the prior year's nine-month period. Year-to-date revenues increased to $185.1 million from $132.4 million last year. Contract drilling expenses for the third quarter of 1998 increased 42 percent to $28.6 million from $20.1 million for the corresponding prior year quarter. The increase was primarily attributable to a 84-day increase in operating days, which includes additional days related to the Marine 305 and Marine 510, both of which are incurring higher average operating costs because of their foreign locations. Jan Rask, president and chief executive officer of Marine, said, ''We are very pleased with our third-quarter results given the weaker day rates and utilization in the shallow-water Gulf of Mexico which will result in significantly lower earnings in the near term. However, due to our strong balance sheet, coupled with our long-term deep-water contracts, we remain encouraged about the long-term prospects for Marine and the industry.'' Marine Drilling Companies, Inc. is a significant offshore drilling contractor with a fleet of 16 offshore drilling rigs consisting of 14 jackups and two semi-submersibles operating in the U.S. Gulf of Mexico, India and Southeast Asia. Additionally, the company operates one additional semi-submersible through a long-term bare boat charter agreement and has agreed to acquire an additional jack-up rig.