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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Captain James T. Kirk who wrote (48454)	7/26/1999 10:37:00 AM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

Marine Drilling Companies Inc. Signs Amendment to Marine 700 Contract SUGAR LAND, Texas--(BUSINESS WIRE)--July 26, 1999--Marine Drilling Companies Inc. (''Marine'' or the ''Company'') (NYSE:MRL - news) today announced that it signed an amendment to the Marine 700 drilling contract with Esso Exploration Inc. (''Esso''). The amendment provides for an extension of the delivery deadline to Sept. 1, 1999 and establishes a definitive listing of items that must be resolved for rig acceptance in exchange for a reduction in the initial dayrate. The initial dayrate of $130,000 per day is subject to annual market escalation in years 2 through 5, such that total revenue is expected to be between $237.5 million and $301.9 million depending on drilling market conditions. This compares to total anticipated revenue of approximately $301.9 million under the original contract. The term of the contract remains unchanged at five years. Additionally, the Company today announced that it terminated its charter agreement for the Kan Tan 3 semi-submersible drilling rig with the owner. Under the terms of the agreements with the owner, if market conditions improve and the rig becomes available to work outside of Chinese waters, the Company and the rig owner anticipate entering into another charter agreement upon mutually agreeable terms or upon the same terms as the original charter agreement. ...