Dryships
spinoff
Ocean
Rig UDW narrowed its profit in the
six months ending in June, but kept its business in the black as its parent
company slid to a steep loss.
Ocean Rig posted net income of $10.4 million on revenue of
$235.9 million in the first six months of 2011, the company said in a release.
That was compared to profits of $31.1 million on revenue of
$189.2 million in the same period the prior year.
Meanwhile, Dryships posted a loss of $88.3 million on
revenues of $431.4 million for the first half of 2011.
Ocean Rig has applied and expects to be trading on the
NASDAQ by mid-September, and revenues are only expected to grow, chief
executive George Economou said.
“..Three of our four units commenced new contracts which
required mobilization before we were in a position to earn the full contractual
daily operating rate,” he said in a statement. “As such, earnings from drilling
operations this quarter do not reflect the full earnings capacity of our
drilling fleet.”
The company
on 28 July received its OceanRig Poseidon vessel, the third to head straight
into a contract on delivery, it sai
d.