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Michael Dawson News

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 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.