Helped by a 77-point gain by suppliers, the WorkBoat Composite Index gained 2% in March. For the month, winners topped losers, 18-11.
Leading percentage gainers included Superior Energy Services and Gulf Island Fabrication.
Superior Energy was up almost 4% in March. The Gulf of Mexico market continues to be a bright spot for the company’s drilling products and services. The company posted an 18% increase in Gulf of Mexico revenue in the fourth quarter versus the third quarter. In addition, Superior saw a 33% increase in Gulf of Mexico revenue in the fourth quarter of 2013 compared to the fourth quarter of 2012, and a 30% increase in 2013 versus 2012. The Gulf of Mexico increase was primarily driven by premium drill pipes and specialty rentals, especially in the deepwater.
The company’s Gulf of Mexico gross profit margin of 68% was the highest in the post-Macondo era, David Dunlap, president and CEO, said during the company’s fourth-quarter earnings call. “You have to go back to the fourth quarter of 2008 to find higher margin for this segment.” In 2013, Superior Energy’s overall Gulf of Mexico business grew 26% as the company continued to leverage its strong deepwater drilling products and services franchise.
Gulf Island rose 3% in March. Last year represented its highest revenue year to date. The company also completed the first U.S.-built SPAR and expects to see overall improved margins when it reports first quarter 2014 results.
Top percentage losers in March included Gulfmark Offshore, Cal Dive, Hercules Offshore and Kirby.
