Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: isopatch who wrote (85070)	1/22/2001 10:30:06 PM
From: Second_Titan	Read Replies (1) of 95453

Global Marine Sees $4.4M 1Q Pretax Chg On Abandoned Well Dow Jones Newswires WASHINGTON -- Global Marine Inc. (GLM) expects to take a $4.4 million pretax loss in the first quarter of 2001 on an offshore well project, according to an 8-K filed Monday with the Securities and Exchange Commission. The company already recorded a provision in its fourth-quarter 2000 financial results for an estimated pretax loss of $2.9 million on the contract. The losses stem from a turnkey, fixed-price contract held by the company's Applied Drilling Technology Inc. unit to drill a well off the shore of Louisiana. The project encountered difficulties in the fourth quarter because the surface casing failed. During the first quarter of 2001, there have been additional problems with the well, and attempts to complete drilling were abandoned. The company estimates the total cost of the well at $7.3 million. Global Marine is an offshore contract drilling company based in Houston.

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