updated 5/10/2010 11:37:29 AM ET 2010-05-10T15:37:29

Offshore driller Vantage Drilling Co. said Monday its net income more than doubled in the first quarter as revenue from contract drilling rose sharply.

The results beat analyst estimates, sending shares rising 12 cents, or 7.5 percent, to $1.72 in midday trading.

The company said earnings rose to $6 million from $2.4 million in the three months ended March 31. Earnings per share remained unchanged at 3 cents due to a higher share count in the most recent quarter.

Revenue more than tripled to $58.3 million from $14.3 million, as revenue from contract drilling services rose fourfold to $39.4 million. Revenue from Management fees rose slightly to $4.4 million, while reimbursables revenue soared to $14.5 million.

Analysts surveyed by Thomson Reuters expected 2 cents per share on $53.1 million in revenue, on average.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.03%
$30K home equity loan FICO 5.68%
$75K home equity loan FICO 4.87%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com