Global Marine Picture Brightens

Monday, June 12, 2000
As the offshore drilling picture continues to improve, companies such as Global Marine should experience a healthy market capitalization boost as shares fly high simultaneously with oil prices and rig utilization rates. Last week, for example, ABN AMRO raised its 2000 earnings estimate on offshore oil and gas drilling contractor Global Marine Inc. to 60 cents a share from 55 cents. A day previous to the upgrade, Global Marine agreed on contract extensions for three of its rigs at significantly higher daily rental rates. The extensions of 7 to 9 months are for jack-up rigs operating in the U.S. Gulf of Mexico and capable of drilling in water depths of 250 to 300 ft. The details are as follows: Vessel Dayrate Increase Extension Adriatic X $28,000 to $61,000 Nov 3 2000 to May 31 2001 Main Pass IV $18,500 to $49,000 Aug 31 2000 to May 31 2001 High Island 1 $20,000 to $40,000 Sep 17 2000 to May 31 2001 Global Marine spokesman Michael Dawson said the increased dayrates reflected the current tightness of the Gulf of Mexico market for premium jackup rigs capable of drilling in water depths of 250 ft. or greater. "These rigs are 100 percent utilized and there are no idle rigs to put into the market. Any additional rigs would have to be brought here from somewhere else in the world," he said. Dawson said current U.S. natural gas prices of over $4 per thousand cubic feet were spurring demand for rigs that could bring additional gas supplies to market quickly. ABN AMRO reiterated its buy rating and $32 a share price target on the company. Global Marine "remains one of our favorites in the drilling sector," analyst Asit Sen said. Meanwhile, Lehman Bros. analyst Jim Crandell also raised his estimate of Global Marine 2000 earnings per share to $0.60 from $0.55. It noted the contract extensions at sharply higher daily rental rates. Lehman 2000 EPS estimate raised to $0.60 from $0.55. 2001 estimate recently raised to $1.30, 2002 estimate to $2.20, 2003 estimate to $3.75. Stock recommended for purchase.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shepler’s New Ferry Takes Shape

Sparks are flying on the bulkhead and engine room of the $3.8 million, 85-foot Miss Margy, the newest addition to the Shepler’s Mackinac Island Ferry fleet, at Moran Iron Works.

The Art of Propeller Making

The world’s biggest propellers have their cradle in the North of Germany. MMG – Mecklenburger Metallguss GmbH – has manufactured for more than 65 years propellers for ships,

LEEVAC Launches First PSV for Tidewater

On Tuesday, January 27, LEEVAC Shipyards Jennings, LLC launched hull 367, a platform supply vessel (PSV) designed by LEEVAC Design Services, LLC (300 DE-52 HAB PSV).

Cruise Ship Trends

Disney's 'Frozen' Coming to the High Sea

Disney Ship is “Frozen” in Alaska. Nay...The ships are not really stuck — being “Frozen” is all about Disney’s blockbuster movie and it’s now spreading to the ships especially,

GE Powers Diadema Cruise Ship

Fincantieri shipyard to equip in-board propulsion for Carnival and Costa vessels, GE’s Power Conversion business has helped the shipyard successfully deliver the

Carnival, China Merchants Sign MOU

MOU will explore both Port & Destination Development and Ship-Owning joint ventures with the goal of potentially launching China’s first world-class domestic cruise brand.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar Winch
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: 0.1457 sec (7 req/sec)