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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

Sweden-Poland Maritime Link Improved

The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability,

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

Container Ships

Puget Sound Container Volumes Flat in 2014

Container volumes through Puget Sound’s largest container ports remained flat in 2014, according to numbers released jointly for the first time by the ports of Seattle and Tacoma.

Evergreen to Charter 11 Containerships

Evergreen Group signed time charter agreements with Shoei Kisen Kaisha, Ltd. (Shoei) to charter a total of 11 18,000 TEU vessels, which include the six units of

West Coast Port Talks Clear Hurdle

Shipping companies and the union for 20,000 dockworkers at nearly 30 U.S. West Coast ports have cleared a major hurdle in their protracted labor talks, clinching

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines 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: 0.1628 sec (6 req/sec)