TODCO Reports Strong Earnings for Third Quarter

TODCO has net income for the three months ended September 30, 2005, of $19.1 million, or $0.31 per diluted share, on revenues of $141.4 million compared with a net loss of $2.5 million, or $0.04 per share, on revenues of $93.1 million for the same quarter of 2004. For the three months ended September 30, 2005, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $55.5 million compared to $22.2 million for the same quarter of 2004.

The improvement in third quarter 2005 results over the same quarter last year was principally caused by improved utilizations and dayrates.

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