TODCO Announces Fourth Quarter 2006 Results

TODCO (NYSE: THE) reported net income for the three months ended December 31, 2006, of $64.1 million, or $1.11 per diluted share, on revenues of $260.1 million compared to net income of $21.2 million, or $0.34 per share, on revenues of $150.4 million for the same quarter of 2005. The fourth quarter of 2006 included $10.1 million (or $0.11 per diluted share, after tax) of rig reactivation expense versus only $3.0 million (or $0.02 per diluted share, after tax) of rig reactivation expense during the fourth quarter of 2005. For the three months ended December 31, 2006, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $119.7 million compared to $67.8 million for the same quarter of 2005.

The improvement in fourth quarter 2006 results over the same quarter last year was principally caused by improved utilizations and dayrates which will be discussed during TODCO's publicly accessible fourth quarter conference call. The conference call will be at 9:00 a.m. (CST), Thursday, March 1, 2007. The conference call can be heard live on the Company's web site at www.theoffshoredrillingcompany.com or by dialing (800) 374-0113 or (706) 758- 9607. A replay of the call will be available for approximately 30 days on the Company's web site or by dialing (800) 642-1687 or (706) 645-9291, reference code 7223910#.

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. TODCO's common stock is traded on the New York Stock Exchange under the symbol "THE.".

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