ECO International (ESV)

ECO International reported for the full year 2009 earnings of $779 million, or $5.48 per share, on sales of $1.946 billion. That compares to the prior year earnings of $1.151 billion, or $8.04 per share, on sales of $2.397 billion.
Chairman, President and Chief Executive Officer Dan Rabun stated, "In the fourth quarter, earnings grew significantly compared to the third quarter. The increase was driven by higher utilization across the fleet and our growing deepwater segment - which equaled one-quarter of total revenues in the fourth quarter. Looking ahead, we project deepwater segment revenue will continue to grow significantly as more of our new ultra-deepwater semisubmersibles commence drilling for our customers. Growth in our deepwater segment is expected to lessen the impact of declining average day rates in our jackup business - as rates from expiring jackup rig contracts are adjusted to today's lower market rates. Fortunately, market rates for premium jackup rigs have been stabilizing somewhat over the past several months."

Feb 25 · 10:30:00 PM · Source: Company Press Release
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by Michael Oliveto