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Northern Offshore jacks up profit on day rate


Published Aug 28, 2008
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RSV Gusto Maersk Endeavour Northern

Houston-based drilling contractor Northern Offshore has reported a spike in quarterly net income and confirmed record day rates were making its recent rig acquisitions look like sound business moves.

The company booked second-quarter net income of $22.5 million, about $6 million more year-on-year. The result reflected a near doubling of revenues to $72.3 million.

Company turnover included a first full quarter of revenue from three jack-ups bought from AP Moller Maersk in June 2007.

Crimping results were repairs in India to the Energy Driller semi-submersible, damaged during a recent Indian Ocean cyclone.

The company also reported its rig Energy Exerter will start work this June for Sevmorneftegas in the Pechora Sea offshore Russia.

Tags: Northern Offshore Ltd.



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