courtesy Petrolia Drilling

With just seven months of rig revenues, Norway-based PetroMena on Tuesday reported a nine-month after tax result of $62.7 million and hinted at more to come.

Revenues from the upgraded “second-generation” semisubmersible SS Petrolia were most of $16.4 in revenues reported in the period.

Meanwhile, two “sixth-generation” semi-submersible rigs begin earning for PetroMena in Q1 2009: another due in the third quarter 20.

“The market for semi submersible drilling rigs is firm,” a company communiqué said.

“The demand for deepwater rigs is expected to remain strong as oil companies have a significant back-log of (both exploration and development projects) due to falling (reserves) replacement ratios.”

Meanwhile, yard capacity, a key worry five years back, is still “limited”. For the first time, so is drilling equipment, according to the company.

“Average lead-time for delivery of a new floater has recently increased from 2.5 years to 3.5 years,” the company said.

Tags: PetroMena