Santa Fe International Reports Earnings Up
Santa Fe International Corporation, Orange, Calif., has reported earnings for 1973 of $10,871,691 or $1.28 per share.
Comparable earnings in 1972, excluding an extraordinary gain of $458,081, were $7,713,876 or 99 cents per share, fully diluted.
President E.L. Shannon Jr. said 1973 revenues amounted to $199,- 150,685, compared with $166,148,- 273 the preceding year.
The fourth quarter produced earnings of $3,415,051, or 40 cents a share, on revenues totaling $58,- 737,637. Comparable earnings in the 1972 quarter were $2,381,130 or 29 cents per share, fully diluted, on revenues of $41,904,020.
Earnings per share have 'been adjusted to reflect a 100 percent stock dividend paid November 1, 1973, to shareholders of record October 1, 1973. They are based on an average of 8,481,748 shares outstanding in 1973, and 7,429,010 in 1972.
Both drilling and construction operations contributed to the increase . in company earnings. Mr.
Shannon stated. In both, he said, rising profits resulted from greater utilization of equipment, as well as an increase in the number of units operated.
During the past year, nine new land rigs and a new offshore unit were responsible for a large share of the increase in drilling revenues.
The reel barge and associated vessels in the Gulf of Mexico acquired by the company last May contributed to an increase from construction operations.
Mr. Shannon said the current growth trend is expected to continue as additional new equipment starts producing revenues. Drilling division units scheduled for delivery in 1974-75 represent an added investment of approximately $46,- 000,000. A further increase in revenue will come from the $22,000,000 Choctaw II, new semisubmersible pipelaying barge nearing completion in a West German shipyard.
This vessel is scheduled to start laying pipe in the North Sea in April.
Backlog of work for the company's construction division on December 31, 1973, totaled approximately $130,000,000 as compared with $76,000,000 a year earlier.
Other stories from April 1974 issue
- First Semisubmersible Rig Built On East Coast page: 6
- Dearborn-Storm Completes Sale Of Computer Portfolio page: 7
- 14 LNG Tankers Now On Order Use Gaz-Transport Design page: 8
- Carboline Company Employs Saroyan As Coatings Consultant page: 9
- Shipping Executive Predicts Oil Imports Will Triple In 1970s page: 10
- AIMS Elects Thomas B. Crowley Board Chairman page: 14
- Marathon Launches 47th Rig From Vicksburg Yard page: 18
- Propeller Club Miami Chapter Convention May 1-3 page: 20
- FMC Shipyard Sets Complete Icebreaker-Type Bow On Gas Turbine Powered Tanker page: 22
- Vancouver Shipyards Constructing Largest Building Berth In B.C. page: 26
- Sembawang Shipyard Names Ernest Ware General Manager page: 26
- Crutcher Amends License Agreement With Brown & Root page: 27
- Mobil Oil Retrofits Tankers With Coppus Inert Gas Systems page: 30
- Royal Viking Line Names Oslo Director page: 30
- Ryan & Walsh Form Stevedoring Firm For Mid-Gulf Coastal Area page: 31
- Kings Point Reports Its Scholars Program 'Progressing Well' page: 31
- Mercantile Marine Engineering Building Graving Dock For Large Ships Calling At Antwerp page: 32
- Crichton And Turnbull Named To MacGregor Centrex Board page: 32
- Hellen Speaks On Finland's Future Plans To Compete For Building Of Large Tankers page: 33
- New $30-Million Graving Dock For Electric Boat Division page: 36
- Santa Fe International Reports Earnings Up page: 37
- American-Standard Power And Controls Names Ronald Gaylord page: 38
- President Appoints Adm. Rea Commander Third USCG District page: 38
- SNAME Los Angeles Section Hears Paper On 'Carbon Fiber For Marine Structure page: 39
- FMC Appoints Barkan Director Atlantic District Office page: 39
- British Shipowner Organizations Merge page: 40
- Six Offshore Supply Vessels To Be Built In Rhode Island Yard page: 40
- Lockheed Oil Recovery Device Passes Tests Off California Coast page: 41
- First Offshore Oil Discovery Made In Canadian Arctic Sea page: 42