Adjusted earnings per share grew 7.1% from basic earnings per share of 5.5 cents to 10.6 cents. Interim dividend increased 8.1% to 2.00 pence per share. Forward revenue visibility remains high with contract pipeline at $2.5 billion, an excess of $850 million signed year to date.
Utilization levels for the land rig fleet were reported well above 90%. Day rates have increased by some 14% compared to the first half of 2006.
The high level of demand for drilling and engineering services in Europe, the Middle East, West and North Africa, Russia and the Caspian Sea have contributed to the increases in day rates. *The above figures are in respect of continuing activities and exclude intangible asset amortization on customer relationships.
Alasdair Locke, Executive Chairman of Abbot, commented:
"There are a range of attractive investment opportunities for the Group in all our core growth marketplaces and, accordingly, we expect to continue to expand our product and service offerings in the coming years against the security of long term contracts with our established client base. The fundamentals of our marketplace remain strong and we have now established a sustainable and profitable competitive position on a worldwide basis, with further upside potential."
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