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. Global Marine's stock has risen approximately 145 percent since the end of 1998.