TODCO Announces First Quarter 2005 Results

TODCO (NYSE: THE) reported net income for the three months ended March 31, 2005, of $8.1 million, or $0.13 per diluted share, on revenues of $111.9 million compared with a net loss of $22.3 million, or $0.53 per share, on revenues of $73.8 million for the same quarter of 2004. For the three months ended March 31, 2005, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $36.2 million compared to a loss of $4.2 million for the same quarter of 2004.

The improvement in first quarter 2005 results over the same quarter last year was principally caused by improved utilizations and dayrates in the Company's domestic operations.

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