SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Elmer Flugum who wrote (1262)2/26/1999 3:10:00 PM
From: stockid  Read Replies (1) of 2282
 
Here it is for those to lazy.....

NEW YORK (Dow Jones)--Global Marine Inc. (GLM) has not been affected by low oil prices in the
near term because many of its deep-water projects are three- to five-year commitments made in 1997
and 1998, according to the chief executive of the company.

In an interview with CNBC Thursday, Robert Rose said these projects account for a "backlog in
revenues of about $1.3 billion, and all but $100 million of that relates to deep water."

Much of the oil-service industry has been hurt from lower capital expenditures attributable to lower
oil prices, which have been falling as result of decreased demand in Southeast Asia and
over-production, said Rose.

Rose said oil prices need to stay in the range of $15 to $21 a barrel before oil companies have healthy
and growing capital expenditures. Currently, oil prices are at $12 a barrel, he said.

However, to address Global Marine's sluggish growth, which has been associated with its tumbling
stock price, Global Marine has diversified its fleet "from being premium jack-up fleet to also being
deep-water players." Global Marine has also been expanding the drilling management services side of
its business, said Rose.

Global Marine's NYSE-listed shares recently were up 1/8 at 8 and set a 52-week low of 7 1/2 on
Feb. 17.

- Zahida Hafeez; 201-938-5176
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News