TODCO Announces Completion of Its $150 Million Common Stock Repurchase Program
August 29 2006 - 5:56PM
PR Newswire (US)
HOUSTON, Aug. 29 /PRNewswire-FirstCall/ -- TODCO (NYSE:THE) (the
"Company") today announced the completion of its $150 million
common stock repurchase program authorized by its Board of
Directors on August 9, 2006. The Company repurchased 4.2 million
shares of its common stock at an average price per share of $35.51.
As a result of the repurchase program, TODCO currently has 57.7
million shares outstanding. Jan Rask, President and Chief Executive
Officer, stated, "We are pleased that we were able to complete this
stock repurchase program in less than one month. We believe that it
has allowed us to bring value to our stockholders and demonstrates
our confidence in TODCO's future." Statements regarding our stock
repurchase program as well as any other statements that are not
historical facts in this release are forward-looking statements
within the meaning of U.S. securities laws and involve certain
risks, uncertainties and assumptions. These include, but are not
limited to, general market conditions including demand for our
services, the price of our common stock and other operating and
economic considerations detailed in TODCO's 2005 Form 10-K filed
with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated. TODCO is a leading provider of contract oil
and gas drilling services with the largest rig fleet in the shallow
water of the U.S. Gulf of Mexico and along the U.S. Gulf Coast.
TODCO's common stock is traded on the New York Stock Exchange under
the symbol "THE". For more information about TODCO, please go to
the company's web site at
http://www.theoffshoredrillingcompany.com/ . DATASOURCE: TODCO
CONTACT: Dale Wilhelm, Vice President & CFO of TODCO,
+1-713-278-6014 Web site:
http://www.theoffshoredrillingcompany.com/
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