Superior profits spring higher

by on July 30, 2012 9:25 pm BST

The Houston-based company reported net income of $141.8 million in the three months to June, up from $48.1 million in the year-ago period.

Revenue increased to $1.24 billion from $479.9 million over the same timeframe.

“Growth in Gulf of Mexico and international revenue more than offset the flat demand we experienced in the US land market areas relative to the first quarter of the year,” chief executive David Dunlap said.

“Our Gulf of Mexico activity benefitted from a 20% sequential increase in revenue from the drilling products and services segment as deepwater drilling rebounded to post-Macondo highs.”

Business for US land drilling slipped 2% as business shifted from dry gas basins, but the company was able to tread water in most product lines, Superior said.

Earnings per share were $0.90, up from $0.60 in the prior quarter.