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

To: Lucretius who wrote (16742)	3/26/1998 4:38:00 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 95453

LT Looks like the dip buying days may get harder to find. That why I used today to load up on MIND.......-G- Oil sector humor at it's worst. NE made a great power move to cut down 31 today. MIND made a beautiful reversal today off the january low support at 12 3/8. OSX support is now looking strong at 113. With Monday coming up we are looking pretty good. PK

To: Lucretius who wrote (16742)	3/26/1998 7:30:00 PM
From: Bazmataz	Respond to of 95453

Global Marine's Turnkey Division Drills Most Gulf of Mexico Wells in 1997 HOUSTON--(BUSINESS WIRE)--March 26, 1998--Global Marine (NYSE: GLM - news) announced today that its U.S. turnkey subsidiary, Applied Drilling Technology Inc. (ADTI), drilled more wells than any other drilling team in the Gulf of Mexico, and was responsible for approximately 10 percent of all the wells drilled in the Gulf of Mexico in 1997 and 75 percent of the Gulf of Mexico turnkey wells. ADTI drilled 103 turnkey wells, compared to Chevron's 96 wells, Shell's 82, Vastar's 52 and Texaco's 42. ADTI's turnkey competitors only drilled 34 wells combined. Doug Vrooman, president of ADTI, said, ''We are one of the few drilling contractors that has made turnkey drilling a profitable solution to the industry's need for increased manpower and equipment. This business is customer driven, which means they demand well-planned, realistic bids.'' Vrooman continued, ''Where our competitors have failed, ADTI has found success in drilling turnkey wells that contributed annual revenues of $427 million to Global Marine in 1997.'' By taking turnkey assignments, ADTI allows exploration and production companies to take advantage of Gulf of Mexico plays where the operator lacks offshore experience or enough engineering talent and skilled labor. Bob Waldrup, vice president of operations for Newfield Exploration Company [NYSE:NFX - news], said, ''Turnkey drilling has allowed us to take advantage of new opportunities by providing access to rigs and skilled labor at contained costs.'' He added, ''The turnkey market is there. About 50 percent of our wells are being drilled turnkey and ADTI is only one of two companies competing for our business.'' Operators outside the Gulf of Mexico are taking notice of ADTI's success. ''Internationally, operators were reluctant to accept turnkey drilling -- it wasn't proven,'' said John Munson, president of Global Marine Integrated Services (GMIS), Global Marine's international turnkey subsidiary. ''ADTI's track record has done much to overcome their concerns. Turnkey drilling is fast becoming a recognized way of drilling wells in Latin America and West Africa, and we intend to make the international turnkey business another strong contributor to Global Marine's bottom line.'' Houston-based Global Marine is one of the largest worldwide offshore drilling contractors, with an active fleet of 33 mobile rigs worldwide including one rig undergoing conversion and two new rigs under construction for deep-water drilling. In addition, the company is the industry's largest provider of turnkey drilling services, employing approximately 16 additional rigs.