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

Finance

Houston Shipping and Offshore Conference Program Announced

The fourth Houston Shipping and Offshore Conference has announced the final program for its Friday, October 10 conference at the Houstonian Hotel, Club & Spa, 111 N.

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Container Ships

Maersk Sees US Approval of Shipping Alliance as Formality

U.S. regulatory approval of a proposed shipping alliance involving AP Moeller Maersk should be a formality, the Danish company's chief executive said on Wednesday.

Cargo Container Security Alliance Formed

SC-integrity, Inc. (LoJack SCI) and Contguard Ltd. announced a strategic alliance designed to provide their customers with security and real-time visibility of

Port of Long Beach Sees Cargo Numbers Slip

Container cargo shipments declined by 9.1 percent in August at the Port of Long Beach, reflecting both early shipping by importers this year and the comparison

 
 
Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0912 sec (11 req/sec)