Todco president and chief Jan Rask reported that the company's balance sheet had profited from the high current day-rates its fleet of 64 rigs were earning worldwide, according to Reuters.
"I'd like to consolidate the jack-up market in the Gulf of Mexico, if that's possible. We're going to look at opportunistic acquisitions that make sense to us," Rask added. "To the extent that we either can't do those (acquisitions) or they don't make sense to us, we're going to hand the cash back to shareholders through dividends or buybacks.
