ARETHUSA (OFF-SHORE) LTD. REPORTS FOURTH QUARTER PROFIT: IMPROVED OPERATING RESULTS FOR FISCAL YEAR

PR Newswire | November 18, 1993 | Copyright 
 
    HOUSTON, Nov. 18 /PRNewswire/ -- Arethusa (Off-Shore) Ltd. (NASDAQ-NMS: ARTHF) today reported that higher rig utilization and an increase in dayrates in the Gulf of Mexico resulted in a gain in revenues and a profit for the fourth quarter ended Sept. 30, 1993. 
    The company said contract drilling revenues for the fourth quarter rose 29 percent to $26,626,000 from $20,653,000 in the fourth quarter a year ago.  In the 1993 quarter, the company achieved net income of $344,000, or $0.02 per share compared to a loss of $5,249,000 or $0.34 per share a year earlier. 
    For the ...

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