Marina Medical Instrument, Inc., a marine-equipment manufacturer in Long Beach, Calif., reported a record profit of $1.7 million in its second quarter ending April 30, according to the company’s quarterly financial statement.
The company said it had a net income of $3 million and a net loss of $817,000, compared with a loss of more than $1 million and net income in its fiscal second quarter.
The news comes amid rising interest in underwater drilling and the possible emergence of offshore oil and gas drilling platforms in the Pacific Ocean.
Marina, based in Long Island, N.Y., was founded in 2006 by billionaire investor Peter Chernin and his wife, Deborah, who have also invested in companies including Google, Tesla and Intel.
Chernin, whose real name is Norman Eisen, is one of the most influential political figures in the U.S. who has donated $5 million to Republican candidates and causes over the past decade, according, and has been active in the conservative movement.
Marina, a unit of Marcellus Shale Natural Resources, was founded to produce underwater drilling equipment and to sell them.
Its products include drilling rigs, water-resistance boots and equipment for gas exploration.
Marinas sales and marketing arm, Mariner Services, reported a net profit of nearly $1 billion in its most recent fiscal year.
The company reported a loss before interest, taxes, depreciation and amortization of $534,000.