TODCO said that its net income for the three months ended June 30, 2006, totaled $34.7 million, or $0.56 per diluted share, on revenues of $226.1 million compared to $11.0 million, or $0.18 per share, on revenues of $130.5 million for the same quarter of 2005. The second quarter of 2006 included $32.8 million (or $0.33 per diluted share, after tax) of rig reactivation expense versus only $2.8 (or $0.03 per diluted share, after tax) million of rig reactivation expenses during the second quarter of 2005. For the three months ended June 30, 2006, earnings before interest, taxes, depreciation and amortization (EBITDA) was $75.5 million compared to $40.7 million for the same quarter of 2005.
The improvement in second quarter 2006 results over the same quarter last year was principally caused by improved utilizations and dayrates.
TODCO is a leading provider of contract oil and gas drilling services with the largest rig fleet in the shallow water of the U.S. Gulf of Mexico and along the U.S. Gulf Coast.