TODCO Announces $150 Million Stock Repurchase
TODCO on Thursday said that its Board of Directors has authorized the Company to repurchase prior to January 1, 2007 up to $150 million of its common stock. The Company plans to fund the repurchase program from current and future cash balances.
The number of shares and the timing of purchases will be based on several factors, including the price of the common stock, general market conditions, available cash and alternate investment opportunities. The stock repurchase program is subject to termination prior to completion. TODCO currently has 61.9 million shares outstanding.
Jan Rask, President and Chief Executive Officer stated, "We are pleased to announce this stock repurchase program and believe that it allows us to bring value to our stockholders and demonstrates our confidence in our expectations for the future."
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.
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