Noble Drilling's subsidiary Triton Engineering Services Co. is revising its business model to focus on well site management, project management and technical services, while de-emphasizing the lower margin, higher risk turnkey drilling contracts.
Company officials said Triton's shift in focus has been under consideration for several years and was precipitated by the extremely tight rig market that can ultimately impact rig performance and turnkey results.
Given the strong overall market, Triton believes there are ample opportunities to diversify its operation and improve financial performance.
Through the first nine months of 2000, Triton Engineering Services contributed about $2.2 million to Noble Drilling's consolidated financial results.
© 2000 Mena Report (www.menareport.com)
