Page 23: of Maritime Reporter Magazine (September 1974)

Simmonds Precision

Names H.P. Rowell VP

Howard P. Rowell has been named a vice president of Sim- monds Precision Products, Inc. (NYSE), Tarrytown, N. Y., it was announced by Geoffrey R. Sim- monds, president.

Mr. Rowell is president and general manager of the company's

Engine Systems Division, Nor- wich, N.Y., formerly General Lab- oratory Associates, Inc. (GLA).

A graduate of Northeastern

University, Mr. Rowell joined

GLA as a project engineer in 1950. He served successively as assistant chief engineer, engineer- ing manager, chief engineer and vice president-engineering before being elected divisional vice pres- ident and general manager in 1970. In 1971, he became presi- dent of the division.

The Simmonds Precision En- gine Systems Division designs and produces exciters, igniters, alter- nators and related equipment for gas turbine engines used in the aerospace, industrial and marine fields. increased to $22,448,000 from $15,615,000 a year earlier, and oil and gas sales were $5,243,000, compared with $3,269,000. For the respective three-month per- iods, interest, design fee and other income were $1,283,000 and $832,000, equity in net income of unconsolidated subsidiaries and 50 percent-owned companies was $1,130,000 and $383,000, and div- ing revenues were $907,000 and $192,000.

At the May Federal lease sale offshore Texas, the company, to- gether with its 51 percent-owned subsidiary, Ocean Oil & Gas Com- pany, acquired varying interests in eight leases containing ap- proximately 41,793 acres (13,514 net acres) at a cost of $5,590,000.

In commenting on the results,

Alden J. Laborde, president, said: "The record performances for both the quarter and six-month periods are attributed to in- creased activity worldwide in the offshore drilling business which resulted in full utilization and improved rates for contract drill- ing services, as well as new drill- ing units joining the fleet, im- proved prices for oil and gas production, and good demand for services of the company's diving subsidiary, Sub Sea Interna- tional." Mr. Laborde also observed that the outlook for the remainder of the year appears favorable.

ODECO Reports Record

Earnings For Half

Ocean Drilling & Exploration

Company, New Orleans, La., has reported record earnings of $13,043,000, equal to $1.15 per common share, for the six months ending June 30, 1974, a 71 per- cent increase over the first half of 1973 when the company re- ported income of $7,603,000, equal to 67 cents per common share.

Total revenues for the six months were $58,523,000, com- pared with $39,418,000 a year earlier. Contract drilling revenues increased from $30,422,000 to $41,759,000.

Oil and gas sales improved from $6,281,000 to $10,521,000. Pro- duction of crude oil and gas liquids averaged 7,432 barrels a day, compared with 7,979 barrels a day a year earlier. Natural gas production averaged 37,047,000 cubic feet a day, compared with 22,059,000 cubic feet a day in the first half of 1973.

Interest, design fee and other income rose from $1,499,000 to $2,785,000. The company's equity in the net income of unconsoli- dated subsidiaries and 50 percent- owned companies was $2,079,000, compared with $804,000 for a year earlier. Diving revenues for the six months were $1,379,000, and exceeded 1973 revenues of $412,000.

In the second quarter, ODECO earned $7,035,000, equal to 62 cents per common share, also a company record. In the like per- iod of 1973, earnings were $3,633,000 or 32 cents per com- mon share. Second quarter reve- nues totaled $31,011,000, com- pared with $20,291,000 a year earlier. Contract drilling revenues

Sperry kept the user in mind when designing this large steering system. It had to be simple ... it had to be economical to install. . . and it had to be reliable!

We have been building ship's systems for over half a century. Just another reason why owners of both large and small vessels specify Sperry steering systems and controls.

Sperry has more than 250 worldwide locations to serve you.

For full information, see your Sperry Marine Systems representative or write Sperry, a division of Sperry Rand

Corporation.

JL IT

MARINE SYSTEMS

Worldwide Headquarters

Great Neck, New York 11020, U.S.A.

European Headquarters

Bracknell, Berkshire, England RG 12 1QL

World Sales • World Service • and a World of Experience

It takes 6.5 million inch-pounds to move this ship's rudder.

September 1, 1974 19