Third Time's the Charm for Global Marine

Tuesday, April 17, 2001
Offshore oil drilling contractor Global Marine Inc. said on Tuesday its first-quarter earnings tripled, in line with expectations, as demand for contract drilling in core markets offset a lull in demand for its management services.

Houston-based Global Marine, which has 33 drilling rigs worldwide and is the world's largest offshore-drilling management firm, reported first-quarter net income of $40.7 million, or $.23 a share. That compared with net income of $12.6 million, or $.7 a share, a year earlier, the company reportedly said.

Wall Street analysts had estimated the company would report quarterly earnings ranging between $.22 to $.28 a share with a consensus of $.24 a share, according to research firm Thomson Financial/First Call.

Global Marine's revenues rose 35 percent to $275 million from $204 million a year earlier. The company's revenues from its contract drilling segment rose 68 percent to $185 million from $110 million a year earlier. Revenues from its drilling management segment, however, fell 7 percent to $84 million from $90 million a year earlier.

The company said it saw a "typical" first-quarter lull in turnkey drilling in the Gulf of Mexico, but expects that to increase in the second-quarter, driving up demand and revenues for its drilling management services.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Container Ships

NZ Report: Human Error to Blame for Rena Grounding

New Zealand's Transport Accident Investigation Commission (TAIC) published its final report into the grounding of containership Rena in October 2011. The TAIC’s

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

 
 
Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3617 sec (3 req/sec)