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Gold/Mining/Energy : Trico Marine Services (TMAR)
TMAR 22.410.0%Nov 7 9:47 AM EST
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To: Grommit who wrote (674)8/20/1998 10:57:00 AM
From: D.J.Smyth  Read Replies (1) of 1153
 
according to TMAR, they now expect day rates to average about $6K in the fourth quarter with utiliztion on a fully employed basis at about 70%; not considering any permanent drydocking of a few older boats to lower costs. people are confusing what TDW is doing to drive the market price lower in the gulf (to shake out the small 10 boat players and accelerate the scrapping of boats) and what TMAR is doing overall. Johnson Rice (Agular) believes supply boat rates will average around $4K a day all of 1999 with a 65% utilization in the gulf only. both are hypothetically difficult to accept. if supply boat rates do dip to around $4500 quarterly average (as TDW is currently charging for some of their older shallow water rates)utilization will remain higher throughout 1999 as the number of boats able to operate at that level becomes fewer. TMAR's average cost of oeperation in the gulf for supply boats in the gulf is still around $2000 a day.

TMAR works the deep water in the gulf where day rates are higher than the shallow water rigs. keep that in mind. i'm making these notes to myself - why not publically.

none of Agular's comments take into affect any potential further expansion into Brazil in 1999
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