TODCO Completes Stock Repurchase Program


TODCO (NYSE: THE) has completed its $150 million common stock repurchase program authorized by its Board of Directors on August 9, 2006. The Company repurchased 4.2 million shares of its common stock at an average price per share of $35.51. As a result of the repurchase program, TODCO currently has 57.7 million shares outstanding.

Jan Rask, President and Chief Executive Officer stated, "We are pleased that we were able to complete this stock repurchase program in less than one month. We believe that it has allowed us to bring value to our stockholders and demonstrates our confidence in TODCO's future."