With 1Q earnings and profits up we decided to give a good look inot this company and liked what we saw. Net income rose to $33.4 million, or $1.03 per share, from $30.9 million, or $1 per share, in the year-earlier quarter. Revenue roughly doubled to $110.5 million from $56.1 million. By segment, revenue from contract drilling services climbed to $63.7 million from $27 million a year earlier, while marine services revenue surged 61 percent. Hercules, which has agreed to purchase rival Todco for $2.3 billion, said strong energy prices have kept demand for its drilling rigs and services high. Rig use increased year over year, and the company realized average daily revenue per rig of $90,363, up from $70,673 in the 2006 period.
http://www.herculesoffshore.com
News Releases
Investor Relations
Todco Sale Points To Undervalued Oil Services
Hercules Offshore, Inc. Announces First-Quarter 2007 Earnings ...
Hercules Offshore Announces First Quarter 2007 Earnings
Hercules Offshore 1Q Profit Up 8 Percent
Hercules Offshore, Inc. (Hercules Offshore) provides shallow-water drilling and liftboat services to the oil and natural gas exploration and production industry in the United States Gulf of Mexico and internationally. It operates a fleet of nine jackup rigs that are capable of drilling in maximum water depths ranging from 85 to 250 feet and a fleet of 64 liftboats with leg lengths ranging from 105 to 260 feet. Its services are organized in four segments, Domestic Contract Drilling Services, International Contract Drilling Services, Domestic Marine Services and International Marine Services. The Company’s Domestic Contract Drilling Services and Domestic Marine Services are conducted in the United States Gulf of Mexico, its International Contract Drilling Services are conducted offshore Qatar and India, and its International Marine Services are conducted in west Africa. Chevron Corporation accounted for 35% of the Company’s consolidated revenues for the year ended December 31, 2006
$32.21 (04/30/07)
