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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: jackie who wrote (541)	12/29/1997 1:23:00 AM
From: arizona_ice_tea	Respond to of 2282

Bear, Stearns raising 1998 and 1999 earnings estimates December 19, 1997 Raising 1998 earnings to $2.10 per share from $1.85 per share due to lower expected tax rate in 1998. Cash flow remains unchanged at $3.85 per share. Earnings in 1999 increase to $3.05 per share from $2.75 per share, cash flow remains at $5.20 per share. Maintain Buy rating with 12 month price target of $52. Estimates: 4th quarter 1997=$0.48 Estimates FY98 1stQ/2ndQ/3rdQ/4thQ: $0.44/$0.50/$0.55/$0.61 Comments by Bear Stearns "We are raising our 1998 earnings estimates for GLM to $2.10 per share from $1.85 per share due to a shift in the company's tax rate. In early December, Global announced plans to shif ownership of one half of its fleet to an international subsidiary. We estimate that the adjustment lowers Global's overall 1998 tax rate to 27% from 35%. Cash flow estimates does not change in 1998 and 1999. Source: Bloomberg

To: jackie who wrote (541)	12/29/1997 2:08:00 AM
From: arizona_ice_tea	Read Replies (1) \| Respond to of 2282

GLM to drill off Newfoundland Coast for Mobil Dec 22, 1997 (Bloomberg)-- Global Marine said it expects to sign a contract with Mobil Corp.'s Canadian unit to begin exploratroy drilling for oil and gas nea the oil-rich Hibernia field off Newfoundlands's coast as early as May. "We have a commitment from Mobile for one year plus beginning sometime between May and August," said Dave Herasimchuk, Global's vice president of market development, said in an interview. "We are still talking to Mobil over the timing of the work and the number of wells." The company declined to disclose financial details of the contract. Bill Simpkins, a spokesman for Mobil Oil Canada Properties, said Global will beginn drilling on the Hebron property, located near the 750 million-barrel Hibernina oil field. Global said its Vinlander semi-submersible rig will be moved to eastern Canada from its current location in the North Sea. The rig is an Aker H-3.2 design and is equipped to drill in 1'500 feet of water.