TSF updateNews // December 15, 2000
The company said that it expects to report earnings per share for the three months ended December 31 that are below current analyst expectations. The earnings shortfall is due primarily to lower than expected revenues and somewhat higher operating and maintenance expenses, compared with expenses in the third quarter of 2000.
The lower than expected revenues are primarily the result of planned and unplanned rig downtime and delays on newly constructed rigs previously expected for December delivery.
The higher rig operating and maintenance costs are the result of the addition of the Discoverer Spirit and Trident 20 to the company's active fleet and higher repair and maintenance expenses related to planned and unplanned downtime on several rigs.