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Deutsche Banc News

25 Jul 2000

Diamond Offshore Raised To

Deutsche Banc Alex. Brown reportedly raised its investment rating on shares of Diamond Offshore Drilling Inc. to strong buy from market perform. Said in a note, "Diamond's quarterly EPS have likely bottomed in (second quarter 2000), and should increase sequentially over the next (8-plus) quarters." The analyst set the target price at $42 per share.

28 Sep 2000

Trico Marine Rated As Strong Buy

Deutsche Banc Alex.Brown said on Thursday that it had started coverage of Trico Marine Services Inc., an energy services provider, with a strong buy rating and a $20-a-share price target. Trico shares closed at $16-1/16 on Wednesday. Deutsche Banc Alex Brown analysts said shares could rise from earnings leverage due to offshore oil rig use in the Gulf of Mexico and the North Sea, expanded deep-water markets of West Africa and Brazil, a projected earnings recovery, and a share price that trades at a discount to its peers. Trico is expected to report a loss of $.63 a share in 2000 and earn a profit of $.67 a share in 2001, Deutsche Banc Alex.Brown said in a research note.

10 May 2001

NNS Squabble Seen Settled In Washington

With General Dynamics Corp. and Northrop Grumman Corp. battling for Newport News Shipbuilding Inc. both the Pentagon and Virginia's powerful delegation in Congress are ready to step into the fray over who buys the nuclear-capable contractor. Defense Department officials are likely to weigh the cost benefits of each deal, questioning which combination would lower the price of nuclear-powered vessels for the U.S. Navy. Virginia's elected representatives will eye the acquisition's effect on jobs, and the warfare technology research funds that the shipbuilder, based in Newport News, Virginia, draws into the state. "This thing has become a political game now," said a veteran defense industry antitrust lawyer, who asked not to be named.

24 Sep 1999

Carnival Forecast Raised

Deutsche Banc Alex. Brown analyst Robin Farley raised her 2000 per-share earnings forecast for Carnival Corp. by 10 cents, to $1.95, saying the world's biggest cruise group was getting better prices. "We believe that Carnival will experience a positive pricing environment in 4Q and 2000 (somewhat helped by Millennium pricing)," Farley wrote in a report. "Additionally, Carnival should benefit from double-digit capacity increases in 2000 of 12.5 percent with the introduction of Carnival Victory, Costa Atlantica and two Holland America ships." Farley said shares of Carnival, operator of 45 ships, could touch $52 if they are given the current price-earnings multiples of other Standard & Poor's 500 companies of 26.6, instead of 23.4, based on her earnings forecast for 2000.

20 Dec 1999

Cruise Lines Face Y2K Conundrum

The world’s biggest cruise lines have made their own computers shipshape against Year 2000 glitches but still face possible electronic squalls arising from problems faced by food vendors and other suppliers. The lines have spent tens of millions of dollars swapping out software and replacing computers and are now confident the onboard systems controlling propulsion, navigation, elevators and cabin locks will work in 2000, according to the companies, analysts and consultants. No cruise ship carrying millennium party-goers will lose power and stop dead under a Caribbean moon or partway through the Panama Canal, analysts and consultants said.

17 Dec 1999

Cruise Lines Face Y2K Supplier Squalls

The world's biggest cruise lines have made their own computers shipshape against Year 2000 glitches but still face possible electronic squalls arising from problems faced by food vendors and other suppliers. The lines have spent tens of millions of dollars swapping out software and replacing computers and are now confident the onboard systems controlling propulsion, navigation, elevators and cabin locks will work in 2000, according to the companies, analysts and consultants. No cruise ship carrying millennium party-goers will lose power and stop dead under a Caribbean moon or partway through the Panama Canal, analysts and consultants said.

17 Mar 2000

Offshore Recovery Stalled For Now

As crude oil prices reach Gulf War highs and recent memories of historic low crude prices fade, capital spending on finding and developing new oil reserves continue to play catch up. "The recent oil-price crisis set back non-OPEC output growth for at least a year," a recent report released by Deutsche Banc Alex. Analysts say there is a lag time for exploration spending to play catch up with oil prices - for every one month when crude prices are below the cost of production, it takes three months of high prices to regain the volume of production lost during the low cost period. Crude prices began to rebound from lows near $10 a barrel when OPEC and other major producers cut crude production to raise prices in March 1999.

17 Apr 2000

Projections center on When, not If

The cyclical nature of the offshore exploration and production beast is legendary in financial circles, riding boom and bust waves for years at a time. While industry analysts and insiders alike had forecast a pick-up in activity no sooner than mid-year 2000, the collective industry is “itching” to get back to the business of building, repairing and supplying the myriad of rigs, boats and other business opportunities that abound in a full-blown boom oil market. Patience, it seems, is wearing thin, particularly in the face of dwindling business prospects and the lingering of the $30+ barrel of oil. While it seems all too natural that sustained high prices would sooner than later drive a resurgence of the moribund offshore business…