swung to a third-quarter profit Thursday, driven by rising energy-drilling contract day rates.
The Houston-based spinoff of
earned $19 million, or 31 cents a share, for the third quarter ended Sept. 30. A year ago the company lost $2.5 million, or 4 cents a share. Revenue surged to $141 million from $93 million a year earlier, and earnings before interest, taxes, depreciation and amortization hit $55 million, up from $22 million.
The company will hold a 10 a.m. EST conference call that is publicly available at
theoffshoredrillingcompany.com, or by dialing (800) 374-1207 or (706) 634-5011.