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

To: Tomas who wrote (87694)	2/18/2001 9:57:31 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

Marine Drilling hitting the right notes Upstream, current issue (February 16-22) By Robert Smith “We project that Marine Drilling’s US Gulf jack-up fleet will experience effectively full utilisation in 2001-03 as demand for jack-ups to drill for natural gas remains high. Dayrate gains to $43,000 are projected in 2001. In 2002, we estimate dayrates will average $49,900 and in 2003 $52,800.” - James Crandell, Lehman Brothers "Fourth-quarter 2000 results improved approximately 30% over third quarter as a result of improving dayrates in the US Gulf. During 2000, dayrates increased an average of $5000 per quarter and remain on that pace entering 2001. Every $1000 increase in jack-up dayrates adds 6 cents to earnings per share annually." - Joe Agular, Johnson Rice & Co "Marine used its free cash flow during fourth-quarter 2000 to pay down debt, which stood at $75 million at 31 December, compared with $120 million at 30 September. The remaining debt should be paid down by the end of first-half 2001, leaving Marine with building levels of cash flow." - Laura Herzog, CIBC World Markets "Marine Drilling is a pure play on US Gulf natural gas, as 93% of the company’s active fleet is located in the Gulf of Mexico. We believe that natural gas supply levels will reach dangerously low levels this winter, providing for firm natural gas pricing throughout 2001 and enticing operators to maintain or increase drilling programmes." - Robert Trace, Hibernia Southcoast Capital