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Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Delays takes shine off Boots & Coots

By Upstream staff

Well control and services outfit Boots & Coots saw earnings plunge in the second quarter on delays to its customers’ projects in the US Gulf of Mexico and Venezuela.

Boots & Coots reported net income of $300,000, or zero cents per share, compared with net income of $2.6 million, or five cents per share in the same quarter last year.

Revenues slid to $22 million from $23.5 million previously over the same period.

Boots & Coots chief executive Jeff Winchester said the company expected increased activity at its Middle Eastern operations in the second half of the year were expected to offset the slowdown in the Gulf and Venezuela.

The company reported six month net income of $700,000, or one cent per share, down from $3.9 million, or eight cents per diluted share, in the same period last