Falcon's Q2 net soars on one-off disposal income

THANKS to a dramatic boost to revenue from the disposal of two jack-up rigs, Falcon Energy posted a second-quarter net profit of US$38.9 million, against just US$1.9 million a year earlier.

The marine and oilfield services firm's July-September quarter profit represents earnings per share of 4.78 US cents, up from 0.24 US cents a year ago.

Revenue was US$183.5 million, of which the disposal contributed US$127.8 million, or almost 70 per cent. Revenue a year ago was US$17.8 million.