Houston-based rig owner Northern Offshore has erased its $2 million deficit of a year ago and posted an $15.5 million net profit on the strength of its three rigs bought from Maersk a year ago becoming income earners.

An after tax charge on a cancelled two-rig deal curbed the result by a $3 million, although day-rate revenues accrued to $74.9 million, or nearly double the business of a year ago.

“The third quarter started out very strong and ended with extraordinary volatility in the credit and energy markets,” company chief exec Marion Woolie said in a statement, although the end of quarter also saw a spike in rig day rates.

Even a quadrupling of office expenses, including salaries, scarcely slowed Northern’s swing into profit.

Tags: Northern Offshore Ltd.