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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: Fredman who wrote (1426)4/13/1999 1:09:00 PM
From: Robert Douglas  Read Replies (2) of 2282
 
Len, did you see in the GLM Annual report where they said 15 of the 16 contracts they have for drilling in the GOM expire(d) on March 1 1999 ???

I think you misunderstood what you were reading. This was referring to third-party rigs [not GLM rigs] that GLM contracted from others to use in their "Drilling Management Services". The rates which they had contracted these rigs were peak rates and so when the contracts on the rigs expired they did not renew them. It is good that the contracts have expired since GLM did not have use for them and was subcontracting the rigs out at rates less than what they were paying. When they could find subcontractors at all!

The bad new is that in 1997 Drilling Management Services was a very profitable line of business for GLM. The good news is that the losses taken here in 1998 have now ended.

-Robert

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