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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: stevedhu who wrote (61880)3/9/2000 4:21:00 PM
From: Think4Yourself  Read Replies (2) of 95453
 
Global Marine Q1 earnings hurt by rig downtime
HOUSTON, March 9 (Reuters) - Global Marine Inc. (NYSE:GLM - news) said Thursday first quarter earnings before taxes have been cut about $5.2 million by rig downtime.

The company also said it will take a first quarter charge of about $5 million before taxes to cover the costs related to undisclosed staff cuts and office consolidations. These changes are expected to result in annual pretax savings of about $6 million, with about $4 million in savings expected to be realized this year, the company said in a statement.

Since the beginning of 2000, Global Marine said, "the U.S. Gulf of Mexico rig market has remained strong and the West Africa market has continued to improve.

``Unfortunately, while our two largest markets were improving, we experienced some unanticipated downtime in January and February 2000 that will reduce the earnings contribution of our deepwater fleet by about $5.2 million in the first quarter.'

It said the rig downtime, which will reduce net income about $3.6 million, was primarily related to repairs to the blowout preventer on the drillship Glomar Explorer which is operating in West Africa waters for Texaco Inc. (NYSE:TX - news).
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