Page 34: of Maritime Reporter Magazine (April 1974)

H.O. Penn Machinery

Appoints Roy Johnson

Roy Johnson

Roy Johnson has been appointed advertising and promotion manager for the H.O. Penn Machinery Co.,

Inc. and its Pennco 'Industrial Di- vision, according to an announce- ment iby Robert Cleveland Jr., presi- dent. Mr. Johnson formerly held the position of assistant advertis- ing and promotion manager.

In his new position, Mr. Johnson will be responsible for all of H.O.

Penn's and Pennco Industrial's ad- vertising and promotional cam- paigns.

H.O. Penn Machinery Co., Inc. is the Caterpillar dealer for south- eastern New York 'State, Long

Island, and all of Connecticut.

Pennco Industrial is the dealer for

Towmotor lift trucks.

Levingston To Build

Another Drilling Rig

For Norwegian Group

K/S Norway Jackup, a group which includes Odfjell Drilling &

Consulting Co., Fearnley & Eger

Chartering Co., and Skips A/S

Kim, has awarded a contract val- ued at more than $18 million to build a second Class III drilling platform to Levingston Shipbuild- ing Co., Orange, Texas.

The group recently ordered an- other such rig from Levingston.

Santa Fe International

Reports Earnings Up

Santa Fe International Corpora- tion, Orange, Calif., has reported earnings for 1973 of $10,871,691 or $1.28 per share.

Comparable earnings in 1972, ex- cluding 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 ad- justed 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 in- crease . 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 ves- sels in the Gulf of Mexico acquired by the company last May con- tributed to an increase from con- struction operations.

Mr. Shannon said the current growth trend is expected to con- tinue as additional new equipment starts producing revenues. Drilling division units scheduled for deliv- ery in 1974-75 represent an added investment of approximately $46,- 000,000. A further increase in reve- nue will come from the $22,000,000

Choctaw II, new semisubmersible pipelaying barge nearing comple- tion in a West German shipyard.

This vessel is scheduled to start laying pipe in the North Sea in

April.

Backlog of work for the com- pany's construction division on

December 31, 1973, totaled approxi- mately $130,000,000 as compared with $76,000,000 a year earlier.

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April 1, 1974 37