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construction during 2003, whereas two new platform rigs were completed during 2002. 

## COMPARISON OF THE YEARS ENDED SEPTEMBER 30, 2003 AND 2002 

<img src='content_image/46095.jpg'>

Operating statistics of per day revenue, expense and margin do not include reimbursements of “out-of-pocket” expenses, the effects of management contracts, or the effect of currency revaluation expense. 

Rig activity, revenues and operating profit in the Company’s international operations declined fr om 2002 to 2003. The general softness in the international markets was broad based and resulted in lower utilizations in each of the countries in which the Company operated during the 2002-2003 period. The Company’s Venezuelan operations, wher the largest number of international rigs are located, were also hampered by an attempted coup, which resulted in a strike by workers at PDVSA, the gov ernment-o wned oil company. The Company has currency risks in V enezuela described in detail later in the MD&A under Foreign Currency E xchange Rate Risk. Due to that exposure, the Company recorded currency devaluation losses for Venezuelan operations totaling $.6 million in 2003 and $4.4 million in 2002. 

