Net income climbed to $403 million from $343 million a year earlier, the company said in a Singapore stock exchange statement today. That surpassed the $371.3 million average of four analyst estimates compiled by Bloomberg. Sales dropped 19% to $2.44 billion.
Demand for offshore structures and rigs has increased as a global economic recovery and depleting reserves at existing fields prompts oil companies to invest more in exploration and production. Oil prices have almost doubled in the past two years.