Pacific Drilling boosts profits

Sailing to a profit: Pacific Drilling

Pacific Drilling

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Josh Lewis

 31 May 2012 03:17 GMT

Houston-based Pacific Drilling has booked an $18.3 million profit during the first quarter of the year as it starts its first full year of operations.

The result was up on the $9.1 million booked during the first quarter of 2011 which benefited from the divestment of its joint venture with Transocean.

Excluding divestments the company actually posted a first quarter loss of $10.1 million last year as it was yet to commence drilling operations and book any revenue.

However, with drilling operations underway, Pacific Drilling generated revenue of $117.4 million during the three months to 31 March this year.

“During the early part of 2012, demand for ultra-deepwater drillships continued to strengthen, as demonstrated by the acceleration in multi-year…

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