The WorkBoat Composite Index followed March’s 45-point increase by rising another 28 points in April. The 2.2 percent gain topped the S&P 500. For the month, winners topped losers 19-16.
Leading percentage gainers included Superior Energy Services Inc. Superior Energy shares rose 20 percent in April. The company posted record fiscal fourth-quarter net income, despite an operating loss in its oil-and-gas segment. The loss was offset by record revenues in the Harvey, La., company’s well-intervention and rental tools segments.
Superior’s marine revenues were down slightly from a year ago due to planned mandatory inspections and repairs, primarily to its 200-foot liftboat-class fleet. But the company expects this to improve as the liftboats return to service with day rates at record levels. Day rates were increased on March 1 by an average 20 percent, reflecting the strong demand for liftboats for construction and well-intervention work. — David Krapf