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

To: SJS who wrote (23615)	6/8/1998 10:05:00 AM
From: johny	Read Replies (2) \| Respond to of 95453

TransCoastal Marine Services Unit Receives Letter of Intent for Major Fabrication Contract From Transocean Offshore HOUSTON--(BUSINESS WIRE)--June 8, 1998--A subsidiary of TransCoastal Marine Services Inc. (Nasdaq:TCMS - news) has received a letter of intent for its largest fabrication project ever. Transocean Offshore Inc. [NYSE:RIG - news], a worldwide offshore drilling company, has instructed The Red Fox Companies of New Iberia to begin work immediately on the first of two mud pump modules for its new drillships, the ''Discoverer Spirit'' and the ''Discoverer Deep Seas.'' Work on the second module is expected to begin in about four months. The two modules, with a combined contract price of approximately $17 million, are similar in scope to the module nearing completion for Transocean at the Red Fox fabrication yard in New Iberia. That module, which exceeds 3,000 tons, is for the ''Discoverer Enterprise,'' Transocean's first ship designed to drill oil and gas wells in water depths up to 10,000 feet anywhere in the world. The two newest ships are expected to be operational in the year 2000. ''We are pleased to be able to contribute to the development of some of the world's most technologically advanced drillships,'' said Bill E. Stallworth, chairman and chief executive of TransCoastal Marine Services. As many as 140 craft personnel have been at work on the first module as Red Fox's work force has grown to nearly 400 people. For the Transocean work, Red Fox recently upgraded the capabilities of the New Iberia yard to handle load-out of structures weighing as much as 5,000 tons. Altogether, the company has virtually tripled its fabrication capacity this year with the addition of deepwater fabrication facilities in the New Orleans area. TransCoastal Marine Services Inc., headquartered in Houston, is a marine construction company. Its services include pipeline installation and repair, primarily in the transition zone and shallow-water regions along the U.S. Gulf Coast. For all water depths, the company performs hydrostatic testing and commissioning of pipelines, plus fabrication and refurbishment of offshore drilling rigs, barge drilling rigs and structural components of fixed platforms. --------------------------------------------------------------------------------