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10/31/2011

Union Drilling reports earnings, plans to sell rigs

Union Drilling, based in Fort Worth, said Monday it earned $600,000 on revenues of $66.7 million in the third quarter, compared to a net loss of $4.4 million on revenues of $52 million in the same period a year ago. The most recent quarter included an $800,000, non-cash charge related to the pending sale of six drilling rigs.

Union said it plans to sell 31 rigs, which it said are smaller, older rigs in its fleet. As of Sept. 30 it had 51 rigs, not counting the rigs scheduled for sale in December. The company said it kept its rigs busy 59.4 percent of the time in the third quarter, compared to 54 percent the previous quarter and 53 percent a year earlier.

-- Jim Fuquay

 

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