Hibernia Southcoast Capital News

Global Industries Ltd. priced an offering of 8.5 million shares of its common stock at $9 each. The offering of the shares will generate about $72.3 million in net proceeds that will be used to repay outstanding indebtedness under the company's term loan facility and for general corporate purposes and working capital, Global Industries said. The company said it also granted the underwriters an option to purchase up to an additional 850,000 shares to cover over-allotments. It expects the issuance and delivery of the shares to occur on March 27. The offering is being underwritten by Credit Suisse First Boston, Raymond James, Credit Lyonnais Securities (USA) Inc. and Hibernia Southcoast Capital.

Stelmar Shipping Ltd. has taken delivery of the Rubymar, a new 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd. of South Korea. The Rubymar has entered into a previously announced 24-month time charter with SONAP (National Oil Company of Chile) for $17,500 per day. Rubymar is a sister ship to the Jademar and the Pearlmar, which were delivered in the first quarter and entered into previously announced 24-month time charters with Adam Maritime Corporation. On April 17, 2002 Stelmar announced that it priced its secondary offering. Including the over-allotment option exercised by its underwriters, Stelmar sold 4.9 million shares of the Company's common stock at $14.00 per share.

Tidewater Inc. (NYSE:TDW) announced on March 28 that William C. O'Malley, the company's Chairman, President and CEO for most of the past eight years, has officially stepped down as Tidewater's CEO, handing over the reins of leadership to Dean E. Taylor. Taylor, 53, has served as President of Tidewater since October 2001 when O'Malley, 65, announced his impending retirement at the end of March 2002. Taylor's career with Tidewater started in 1978 where he served as an assistant manager in the company's Morgan City, La. office. With his Navy background and business savvy, Taylor gradually worked his way up through Tidewater's ranks to become an executive vice president in December of 2000.

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.