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

To: diana g who wrote (14004)	3/6/1998 4:10:00 PM
From: Teddy	Read Replies (1) \| Respond to of 95453

Friday March 6, 3:51 pm Eastern Time Marine Drilling says no announcement due NEW YORK, March 6 (Reuters) - Marine Drilling Cos Inc, whose shares rose more than eight percent Friday, said that it had no announcement to make regarding the move in its stock price. The stock rose strongly to a high of 22-1/2 and became the latest offshore drilling stock to become the subject of merger speculation. By early afternoon, the stock was up 1-1/4 at 22-1/16 on the Nasdaq in volume of about 2.5 million shares. Analysts said that there had been a fundamental reappraisal of the shallow water drilling sector, which had been hurt by the decline in oil prices to $15.00 per barrel, crimping the economics of smaller shallow water oil discoveries. One fund manager noted that Marine was unlikely to be sold at $22 per share if it were in the market. ''They would not sell at $22 (a share), if there were a deal you might see it around $30,'' he said. Marine shares have come off a 12-month high of 36-1/16.