content_image/2263.jpg content_image/2264.jpg
## COMPARISON OF THE YEARS ENDED SEPTEMBER 30, 2004 AND 2003 

<img src='content_image/2263.jpg'>

Operating statistics for per day revenue, expense and mar gin do not include reimbursements of “out-of-pocket” expenses and exclude the effects of offshor platform management contracts. 

Operating profit in the Company’s U.S. offshore platform rig operations fell from $36.3 million during 2003 to a loss of $34.9 million in 2004 due primarily to the asset impairment charge of $51.5 million. Excluding the asset impairment charge, operating profit would have been $16.6 million for 2004, which is a $19.7 million decline from 2003. 

<img src='content_image/2264.jpg'>

*Note: This table is a reconciliation of operating profit (loss) for the offshore platform segment for fiscal 2004 and 2003, which is provided to assist with yearly comparisons. 

