Harsh-environment offshore drilling specialist North Atlantic Drilling (OTCPK:NATDF) announced very respectable second quarter 2013 results on Wednesday, August 28. The company witnessed strong year over year and quarter over quarter revenue growth although it kept its dividend steady, unlike parent Seadrill (SDRL), which also reported a strong quarter ( I will discuss Seadrill's results in a later article). The company did see its trailing six-month net income decline but that is not indicative of a problem. This will be discussed later in this article.
As usual, I will begin my analysis of these results with the company's quarterly highlights:
- The company generated total revenue of $374.8 million during the quarter. This represents a solid