TCMS - Transcoastal Marine Message Board

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Non-Tech : TCMS - Transcoastal Marine

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To: 007 who wrote (86)	4/29/1998 12:30:00 PM
From: 007	of 201

Conference call was great! Highlights and Replay Info: Replay is available now at (888)568-0674 Password: 9898 Highlights (as best as I could scribble them down): To summarize, integration of the companies is progressing nicely, demand is very strong in pipe laying and fabrication, revenue and earnings capacity has grown tremendously. Key Points: Vermillon Bay is on its way and will be ready for work in June. No signed contract yet. Deepwater Fabrication facility will be ready for work in June. Labor force is being ramped up. Drillers have expressed interest because the yard will take one rig at a time for custom refurbishing. This compares favorably with larger yards whose attention is divided up by working on a number of rigs at once. Focus is on jackup/semi refurbishing market. With Q1 acquisitions, fabrication capacity has tripled. Due to acquisitions, earnings capacity has increased 60% since November. TTM cash flow=1.52 Debt to capital=25% Cash flow will be increasing and debt decreasing in coming quarters. Book value is $115.4M. This translates to $12.97/share. Pipe laying is at 600 employees and fabrication at 470. No labor shortage problems currently. Fabrication work being done on Mud Module for first RIG drillship. Hopeful of acceptance for work on the next two drillships -should know in a week or so. Fab work for PKD is giving them high profile exposure with Shell, BP, AGIP and Mobil. Pipe laying business is normally, and presently, one of short term contracts with a short time frame between contract acceptance and performance. Current backlog is $45M. Total new bids outstanding are $125M (not sure if this is either for pipe laying alone or pipe laying plus fabrication). Bid department is very busy with an additional $50 in prospects. They continue to seek equipment for expansion, but equipment prices are rising so it's difficult to find reasonable deals. They continue to seek businesses to acquire. They are realizing synergies now, such as being able to free up valuable equipment sooner then they could have before merging. Systems are being unified and integrated and a suitable office building is being sought to integrate management into one location. Regarding current equipment utilization: "We're full out". 007

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