TODCO Announces Fourth Quarter 2005 Results

TODCO (NYSE: THE) reported net income for the three months ended December 31, 2005, of $21.2 million, or $0.34 per diluted share, on revenues of $150.4 million compared with net income of $3.4 million, or $0.06 per share, on revenues of $103.7 million for the same quarter of 2004. For the three months ended December 31, 2005, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $67.8 million compared to $28.8 million for the same quarter of 2004.

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

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