Global Santa Fe (GSF) (formerly Global Marine) Message Board

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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)

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To: Elmer Flugum who wrote (1175)	2/11/1999 12:17:00 AM
From: stockid	Read Replies (1) of 2282

Thread...more news....Here's the article from Bloomberg. Global Marine Says $1.32 Bln Backlog to Ease Oil Price Drop Global Marine Says $1.32 Bln Backlog to Ease Oil Price Drop New York, Feb. 10 (Bloomberg) -- Global Marine Inc., which drills offshore wells for oil and natural-gas exploration companies, said it expects a $1.32 billion backlog of contracts to help it weather a drop in revenue caused by low oil prices. The Houston-based company expects the average daily cash received from its drilling fleet to fall to 1997 levels of about $930,000, down from $1.45 million in 1998. Lower demand for drilling rigs is increasing competition for available jobs. Contractors are cutting fees rapidly to keep rigs working and crews together, said David Herasimchuk, Global Marine's vice president of market development, at the 12th annual PaineWebber Energy Conference in New York. ''We do see a number of challenges in terms of oil prices,'' said Herasimchuk. ''But we also see opportunities.'' The company's order backlog is 10 times bigger than it was in 1995, Global Marine said. SK

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