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.

Maritime Reporter Magazine, page 37,  Apr 1974

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