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Global Marine Inc News

03 Sep 2015

Former CIA Spy Ship Becomes Victim of Oil Slump

U.S. Government Photo

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices. Christened the Hughes Glomar Explorer, after billionaire Howard Hughes was brought in on the CIA's deception, the 619-foot vessel eventually became part of the fleet of ships used by Swiss company Transocean to drill for oil. But the oil price rout means the former spy ship now called GSF Explorer is just one of 40 such offshore drilling rigs that have been consigned to scrap since last year.

05 Aug 2011

Rob Shaw Named Vice President, Controller and Principal Accounting Officer

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that Rob Shaw has been appointed to serve as Vice President, Controller and Principal Accounting Officer, effective December 1, 2011. Until Mr. Shaw assumes this position, Robert L. Herrin, Jr. will serve as interim Vice President and Controller and Ricardo H. Rosa, the company’s Senior Vice President and Chief Financial Officer, will serve as interim Principal Accounting Officer. Mr. Herrin has served as the company’s Vice President of Internal Audit since 2007, but will not act in that capacity during the period that he serves as interim Vice President and Controller. Mr. Shaw, age 48, has served as Vice President and Treasurer since joining the company in July 2010. Previously, Mr.

12 Dec 2008

Rowan - Ralls CEO, Lentz COB

Rowan Companies, Inc. (NYSE: RDC) announced that, effective January 1, 2009, its Board of Directors has named W. Matt Ralls as the company's new President, Chief Executive Officer and member of the Board of Directors, succeeding D.F. McNease, who announced his retirement in late October 2008. Mr. Ralls, 59, most recently served as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation, an international contract drilling company, from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007. Prior to that time Mr. Ralls served as Senior Vice President and CFO of GlobalSantaFe. He joined Global Marine, Inc.

15 Oct 2001

GLM Results Strong in Face of Weakening Market

Global Marine Inc. reported net income for the quarter ended September 30, 2001 was $62.1 million, or $0.34 per diluted share, on revenues of $314 million. For the corresponding 2000 quarter, the company reported net income of $32.3 million, or $0.18 per diluted share, on revenues of $272 million. $1.03 per diluted share, on revenues of $965 million. million, or $0.12 per diluted share, on the second quarter 2001 sale of a special-purpose rig. This compares to net income of $73.0 million, or $0.41 per diluted share, on revenues of $707 million for the nine months ended September 30, 2000. Bob Rose, Global Marine Chairman, President and CEO, said, "Global Marine's financial and operating performance was strong.

20 Nov 2001

Global Marine and Santa Fe International Corporation Complete Merger Of Equals

Houston-based GlobalSantaFe Corporation announced that Global Marine Inc. and Santa Fe International Corporation completed their merger of equals. The ordinary shares of GlobalSantaFe will begin trading on the New York Stock Exchange on November 21, 2001, under the symbol "GSF". Global Marine and Santa Fe International shareholders approved the merger during separate shareholder meetings held earlier today. into 0.665 of an ordinary share of GlobalSantaFe. ordinary shares will trade as GlobalSantaFe ordinary shares. The combined company will have approximately 233 million shares outstanding. "This merger of two great companies creates the world's premier drilling contractor," GlobalSantaFe chairman, Robert E. "Bob" Rose, said.

06 Dec 2001

GlobalSantaFe Board Approves Cash Dividend

Houston-based offshore drilling contractor GlobalSantaFe Corporation announced that its board of directors has approved a regular quarterly cash dividend of $0.0325 per ordinary share. The dividend is payable on January 15, 2002, to shareholders of record as of the close of business on December 31, 2001. In connection with a recent merger, former Global Marine Inc. shareholders were mailed a transmittal form for the surrender of their common stock in exchange for GlobalSantaFe ordinary shares. Those shareholders who have not surrendered their common stock certificates and transmittal form for exchange by the payment date, will receive their dividend from the exchange agent when the shares are exchanged.

19 Jul 1999

Global Marine Earnings Hit By Soft Drilling Market

Global Marine Inc. reported that its earnings fell sharply in the second quarter and that it expected second half earnings to be significantly lower than those of the first six months of 1999.

14 Apr 2000

Global Marine Reports Profit Slump

Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year. Drilling contractors have not yet profited fully from last year's strong rise in oil prices, because oil companies have been cautious in raising their drilling budgets. However, drilling stocks have risen sharply in anticipation of a recovery.

12 Jun 2000

Global Marine Picture Brightens

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.

18 Jul 2000

Global Marine beats estimates with flat Q2 earns

Offshore oil and gas driller Global Marine Inc. said 2Q earnings were flat versus a year ago but surpassed Wall Street expectations as oil companies gradually regained their appetite for drilling in response to strong oil and gas prices. Net income was $28.1 million, or 16 cents per share, virtually unchanged from $28.2 million, or 16 cents per share, in the second quarter of 1999. Analysts had expected earnings of 14 cents a share, according to First Call/Thomson Financial. CEO Bob Rose said high oil and natural gas prices were causing oil companies to overcome their initial hesitance and increase their drilling budgets for finding and producing new oil and gas reserves.

14 Jul 2000

Global Marine Beats Estimates

Offshore oil and gas driller Global Marine Inc.'s second-quarter earnings were flat versus a year ago but surpassed Wall Street expectations as oil companies gradually regained their appetite for drilling in response to strong oil and gas prices. Net income was $28.1 million, or 16 cents per share, virtually unchanged from $28.2 million, or 16 cents per share, in the second quarter of 1999. Analysts had expected earnings of 14 cents a share, according to First Call/Thomson Financial. Chief Executive Officer Bob Rose said high oil and natural gas prices were causing oil companies to overcome their initial hesitance and increase their drilling budgets for finding and producing new oil and gas reserves.

17 Apr 2001

Third Time's the Charm for Global Marine

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.

30 Apr 2001

Marine Drilling Companies Reports a Prosperous 2000

Three years ago Marine Drilling Companies weathered a challenging year, posting its first operating lost in four years. Today the company has conquered those challenges, positioning Marine to make the most of a world of opportunities in fiscal 2000. Marine Drilling Companies, Inc. is engaged in offshore contract drilling of oil and gas wells for independent and major oil and gas companies. Operations are conducted in the U.S. Gulf of Mexico and internationally. The company owns and operates a fleet of 17 offshore drilling rigs consisting of five independent leg jack-up units, four of which have a cantilever feature, 10 mat supported jack-up units, five of which have a cantilever feature, and two semi-submersible units.

17 Mar 2000

ABN AMRO Raises 2001 Earnings Estimates For Offshore Drillers

ABN AMRO raised its 2001 earnings estimates for several offshore drillers and said the oil service industry was in the early stages of a multiyear growth phase. "We are raising our 2000 and 2001 upstream capital spending growth estimates,'' analyst Asit Sen said in a research note. "We note that our views are above the latest consensus expectations. To reflect higher-than-previously expected day rates/utilization rates, we are also raising our 2001 earnings estimates and price targets," he said. "We believe that the sector is in the early stages of a multiyear growth phase. Accordingly, we would use any periods of significant near-term weakness as buying opportunities," he added.

18 May 2001

GLM's Rose: Dayrates To Hit 3-Year Highs

Global Marine Inc. Chief Executive Bob Rose expects daily rental rates, or dayrates, for offshore oil and gas drilling rigs to surpass their highs of three years ago in 2001. "We will see rates exceed the 1997-98 high levels. That will very definitely be this year," Rose said. Dayrates are currently running at about 74 percent of their 1997/98 highs, Rose said, with the West African and North Sea markets now showing signs of recovery as a longer-established natural gas drilling boom continues in the U.S. Gulf of Mexico. Rose said that as a result of a recent expansion of its fleet of rigs, Global Marine was capable of annual earnings per share of about $3.25 if market conditions matched those of 1997.

19 Jun 2001

Greasing the Skids

Record gas prices, OPEC solidarity and a U.S. administration doling out incentives for exploration and production all add up to good news for those companies conducting business in or profiting from the offshore market. There is little doubt that the international offshore market, led by the Gulf of Mexico, is poised for a record rebound in the second half of 2001 and beyond. The tandem of high crude prices — spurred by OPEC's seeming solidarity on controlling output — combined with the emphasis on expanding offshore production by the new U.S. administration seemingly provides the proverbial "win-win" for all companies that makes its living finding and recovering resources, or those companies that supply vessels, products and services to the offshore oil business.

20 Jun 2001

Current Onshore Rig Boom Could Be Halted By Next Year

The boom in U.S. onshore oil and natural gas drilling has yet to peak, bolstering forecasts of continued strong demand for rigs, analysts and executives said this week. But growth in the onshore rig market is likely to slow down next year, and activity in the offshore market is already tailing off, with some companies sending rigs away from the Gulf of Mexico to other countries where profits may be better. "We expect to see 30 to 33 percent growth in the total U.S. rig count this year over 2000," an analyst said. "The problem is, we'll only see 8 percent growth from 2001 to 2002, and then companies will have to add units," the analyst added, noting that the 2001 rig count increased 49 percent from 1999 to 2001.

13 Jul 2001

Offshore Stocks Take A Tumble

Drilling and oilfield service stocks fell sharply on Thursday after offshore driller Rowan Cos. Inc. said the business outlook for the third quarter of this year was uncertain. A fall in the price of crude oil also contributed to price weakness in the sector. In early afternoon trading Rowan's stock was off $1.83, or 8.9 percent, at $18.74. Other big losers among drilling and oilfield service stocks included Global Marine Inc. - off $1.11 at $16.10 - Transocean Sedco Forex Inc. - down $2.14 at $37.21 - BJ Services Inc. -- $1.75 lower at $23.35 - Smith International Inc. - down $3.13 at $54.45. The losses for these companies' stock prices ranged anywhere from 5 to 7 percent.

09 Jul 2001

Local Yards Start to Feel the Impact

The U.S. Gulf of Mexico region is again poised to prosper, spurred by the buzz of activity surrounding the oil patch, and specifically the renewed vigor with which companies will explore and develop deepwater fields for the production of natural resources. Though the resumption of business at "full throttle" has taken perhaps a bit longer than many observers would have initially predicted, particularly given the continued high price of oil and gas and the "pro" oil industry political team occupying the White House, it is a safe bet that, at least for the next several years, the offshore oil business will ensure that the marine business in the GOM region is a prosperous one.

04 Sep 2001

GLM, Santa Fe International Announce $6 Billion Merger

The course of corporate consolidation within the already tight offshore business took a dramatic turn over the holiday weekend, as Global Marine Inc. and Santa Fe International Corporation entered into a definitive agreement to merge in a stock-for-stock transaction that will create the world's second largest offshore drilling contractor. The new company, which will be named GlobalSantaFe Corporation, will be headquartered in Houston and will trade on the New York Stock Exchange under the ticker symbol "GSF". Based on Santa Fe's closing stock price on Friday, August 31, GlobalSantaFe would have a market value of approximately $6 billion.

09 Aug 2001

Merrill Lynch Slashes Rates On Trio of Oil Giants

Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market. Merrill said that it previously believed drilling demand would improve by the late part of 2001, but it now looks as though that will not occur until early 2002. Shares of Global Marine were down $0.33 cents at $15.30. ENSCO was down $0.27 cents at $18.63, while Rowan was down $0.06 at $16.95 on the New York Stock Exchange.

02 Nov 1999

Is It Back?

To say the Gulf of Mexico maritime business had a down year would be a major understatement. But rags-to-riches-to-rags experience of the past has resulted in a consolidated, resourceful group of companies poised to pounce on the next market upturn … which should be very soon. The business trends of consolidation and globalization that have largely defined the late 1990s have touched every level of business in the U.S., including the Gulf of Mexico maritime industry. Companies that had largely depended on "business as usual" are generally out of business today. The result: a resilient industrial base that is poised to prosper in good times and bad. "Business is bad right now, as the oilfield is our primary source of business," said Ralston P.

12 Nov 1999

No Relief Yet

Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October, as uncertainty surrounding OPEC output quotas has largely dampened the year's progress. In fact, a major tracker of offshore industry stocks, Warburg Dillon Read, in mid-October cut its ratings of four oilfield equipment and services companies.