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To: Jenna who wrote (56051)	8/16/1999 11:20:00 PM
From: kendall harmon	Read Replies (1) \| Respond to of 120523

FLC, GLM et. al. still look good here. Off shore drilling rising--article Offshore drilling rates break long losing streak HOUSTON, Aug 16 (Reuters) - Daily rental rates for offshore oil and gas drilling rigs rose in July for the first time after a steady decline in the preceding 14 months, drilling contractor Global Marine Inc.(NYSE:GLM - news) said on Monday. Global Marine said the modest rise was entirely attributable to the Gulf of Mexico, with all other major offshore drilling regions showing a further decline. Global Marine said its SCORE index of worldwide dayrates for offshore rigs rose 1.5 percent to 23.60 in July from 23.24 in June. The July index was down 66.9 percent on July 1998. ''Although international rig markets continue to be weak, improving conditions in the U.S. Gulf of Mexico are encouraging,'' Global Marine President and CEO Bob Rose said in a statement. ''Higher oil and gas prices appear to be providing the impetus for increasing drilling activity in the Gulf of Mexico, primarily by many of the independent oil and gas companies,'' he added. The table below shows the SCORE index for various regional markets and different types of drilling rigs. The index expresses the profitability of current dayrates as a percentage of the profitability of the rates drillers earned during the 1980-81 peak in the offshore drilling cycle. A SCORE value of 40 percent indicates that drillers are breaking even. A SCORE value of 60 percent indicates that drillers are operating profitably but that dayrates are not high enough to justify construction of new rigs. July 99 June 99 % change % change % change REGION on month one year five yrs Gulf of Mexico 20.74 19.22 +7.9 -63.7 -41.1 North Sea 22.91 23.61 -3.0 -72.6 -25.8 West Africa 29.47 29.61 -0.5 -60.6 -24.0 Southeast Asia 32.90 33.10 -0.6 -52.3 -10.5 Worldwide 23.60 23.24 +1.5 -66.9 -31.4 RIG TYPE Jackups 22.84 22.78 +0.3 -70.4 -41.4 Semisubmersibles 24.21 23.59 +2.6 -63.2 -12.1 .