Offshore drillers profits rise on demand surge

Operators of offshore drill rigs are reporting substantial increases in profit in the first quarter of 2007 based on surging demand for rigs.

Net income climbed to $553 million, or $1.84 a share, from $206 million, or 61 cents, a year earlier, Houston-based Transocean said today in a statement. Revenue jumped 63 percent to a record $1.33 billion.