Northern Offshore, an operator of offshore oil and gas production and drilling vessels, has reported a net income of $4.58m, or $0.03 per diluted share, for the third quarter ended September 30, 2011, compared to $0.25m, or $0 per diluted share, for the same period in 2010.
Revenues were $49.92m for the third quarter of 2011, compared to $36.80m for the same period in 2010. Total operating expenses were $36.10m, compared to $37.60m for the same period in 2010.
Operating income was $13.82m for the third quarter of 2011, compared to an operating loss $0.79m for the same period in 2010. Income before taxes were $11.43m, compared to a loss before income taxes $1.46m for the same period in 2010.
General and administrative expenses were $1.53m for the third quarter of 2011, compared to $1.46m for the same period in 2010.
For the nine months ended September 30, 2011, net income was $7.27m, compared to $45.79m for the same period in 2010. Revenues were $127.18m, compared to $188.46m for the same period in 2010.
At September 30, 2011, the revolving credit facility balance was $45.4m and the cash balance was $33.6m, of which approximately $19.6m was unrestricted, leaving the company with a $11.8m net debt position at the end of the period.
Gary Casswell, president and CEO of Northern Offshore, said: “Our third quarter results were flat, as anticipated.  We expect this situation for the second half of 2011 as we prepare several rigs for new programs, including the Energy Driller major shipyard project, which is on schedule and on budget.  As previously announced, we are pleased with the three new awards during the quarter for the Energy Driller, Energy Searcher and Energy Enhancer, amounting to more than $280m of additional backlog, which should contribute to significant improvement in 2012.”
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