HOUSTON, Aug. 29 /PRNewswire-FirstCall/ -- TODCO (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/ .
