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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: JZGalt who wrote (503)	7/2/1998 1:47:00 PM
From: Mandinga	Read Replies (1) \| Respond to of 1153

I love this stock. It's a shame that it does NOT move at all. This thing is DEAD!!! Any comments on when would it be good to buy this one? Mandinga

To: JZGalt who wrote (503)	7/2/1998 3:27:00 PM
From: MarkM	Respond to of 1153

When are TMAR earnings reported?

To: JZGalt who wrote (503)	7/2/1998 6:27:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 1153

Galt, Mark, what baffles me is that for 1998 TMAR will received increased revenues from mainly (a) the launching at least five new boats, boats that are already under contract, upon launch, the revenue from which will be realized in the latter half of the year, and (b) the purchase of Saevek (16 supply/crewline vessels and 6 multi-purpose anchor handling tug supply vessels) and yet Jefferies expects decreased earnings over 1997 without consideration of these new vessels and nearly flat earnings going into 1999: 1) Brazil; launching 299 foot supply boat, March 98 2) Brazil; launching high speed crew boat with the SWATH design to transport up to 250 passengers, April 98 3) Gulf; 230 foot supply vessel already under three year contract, July 98 4) Gulf; 230 foot supply vessel already under contract, November 98 5) Gulf; the Stones River, Elkhorn and Kings River vessels underwent upgrades in 1997 and are now revenue positive 6) TMAR has six vessels which can be upgraded to service deep water, 1/2 of which are currently being upgraded for such (longer than 200 feet) good grief, they made $2.11 in 1997 and they had a utilization of 71% because of all their drydockings (improving their fleet). in 1998 they will have (a)significantly less drydockings, (b) the new vessels coming on line, and (c) the increased vessel count for earnings from the purchase of Saevek. you'd have to expect higher earnings with day rates even as low at $6300 for the supply boats (1996 levels). the earnings from the purchase of Saevek (22 boats) were not figured into Trico's numbers until December 1997 - so we haven't seen what a full year of earnings with Saevek would look like - and Saevek services the North Sea where the day rates are consistently high now, the revenue from which will be a "premium" to the bottom line. During all of 1997 supply boat day rates in the Gulf averaged $7377, and Trico managed to pull off exceptional earnings with the boats they had available (about 1/2 what they have now). supply boat day rates are now about the same (after spiking to around $8900 for a while), and Trico has nearly half again as many boats. lift boat and crew/line day rates have shown little shrinkage in the gulf. in 1997 the Gulf drew a record $1.4 billion in lease sales. natural gas service production in the gulf accounts for a significant portion of Trico's business in the gulf, and thus has nothing to do with the price of oil. obviously, with only 17 oil companies left in the gulf, those remaining aren't leaving the gulf as deep water projects in the gulf are nearly double over what they were in 1996. we should also remember that vessel activity in the north sea is at its steepest demand from April to August which will positively impact Trico's earnings for the upcoming quarter.