--(BUSINESS WIRE)-- Will $17 oil derail the growing offshore rig market?
Will declining oil prices and falling energy stock prices squelch new-build plans?
With shortages in skilled labor being listed as one of the top concerns of the oil and gas industry, will falling oil and gas prices bring back fears that the industry is unstable, hampering companies' ability to recruit new employees?
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WHAT: Houston-based Global Marine will host its fifth annual SCORE
media briefing to focus on the factors affecting new
construction, as well as offer a year-end review of worldwide
rig economics and an industry outlook for 1998.
WHO: The media briefing will be led by Global Marine Inc [NYSE:GLM - news].'s
Chairman and CEO C. Russell Luigs and President and
COO John G. Ryan.
WHEN: Monday, January 19, 1998 at 9:00 a.m.
WHERE: Global Marine Inc. Boardroom, 12th Floor 777 North Eldridge
Road (I-10 to Eldridge; turn south; proceed past Memorial Drive;
turn right immediately into covered parking.)
WHY: The recovery of the oil and gas industry has been based on
steadily increasing demand, decreasing reserves and a
stable price, as evidenced in dayrates not seen since the
early 1980s. Now that Asia's demand for oil is weakening
and supply is increasing with oil from Iraq, oil prices
have weakened. Will companies have the confidence to
proceed with plans to bring new rigs into the market? Global
Marine will address this and similar questions related to
new construction and the growth of the industry, looking to
SCORE (Summary of Current Offshore Economics), an indicator
of the health of the oil and gas industry, for insight.
The monthly SCORE report, designed to remove the guesswork
associated with sifting through variables to arrive at a
conclusion on the industry's strength, measures current
dayrates as a percentage of dayrates needed to justify
speculative new construction.
VISUALS:Color slides will be used to support the discussion. Global
Marine will provide hand-outs documenting the industry trends and
profiles presented.
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Contact:
Stephanie Price or Deborah Buks, 713/869-0707
or
Dave Herasimchuk, 281/596-5809 |
