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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: aerosappy who wrote (13971)	10/16/2002 12:01:20 PM
From: pz	Respond to of 206363

GlobalSantaFe Q3 beats Street view By Lisa Sanders, CBS.MarketWatch.com Last Update: 11:39 AM ET Oct. 16, 2002 HOUSTON (CBS.MW) -- GlobalSantaFe reported a third-quarter profit 2 cents a share better than the Street expected as utilization of the company's offshore drilling rigs outperformed the industry average. NEWS FOR GSF GlobalSantaFe (GSF: news, chart, profile) reported a profit of $75 million, or 32 cents a share, 2 cents better than the average estimate of analysts polled by Thomson First Call. A year ago, the company earned $62.1 million, or 52 cents a share. GlobalSantaFe noted that 2001 results reflect only the performance of Global Marine, before the merger that created the current company. Revenue in the third quarter was $514.4 million, up from $322.6 million a year ago. "Though the company's contract drilling segment reported operating income of $97.2 million, essentially flat with $97.9 million in the second quarter of 2002, its worldwide offshore drilling rig fleet utilization of 88 percent continued to outperform the industry average of 80 percent," said Chief Executive Sted Garber in a statement. He noted that GlobalSantaFe was able to achieve its results despite weak demand for rigs, especially semisubmersibles, in the North Sea. The company said that the demand outlook for jackup rigs in the North Sea appears stable for the fourth quarter but is uncertain during the early part of next year. At least two of four semisubmersibles are expected to be idle for part or all of the fourth quarter, "with that weakness likely carrying over into 2003," the company said. Shares of GlobalSantaFe lost 10 cents to $24.65 in recent trading.