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

To: EyeDrMike who wrote (550)	7/14/1998 11:34:00 AM
From: JZGalt	Read Replies (1) \| Respond to of 1153

For those of you that have access to Merrill Lynch reports there is an in depth report on supply boats available.

To: EyeDrMike who wrote (550)	7/14/1998 1:17:00 PM
From: D.J.Smyth	Respond to of 1153

thanks Dr. EyeMike, but you're suggesting that TMAR with nearly 100 boats in operation this year will have lower earnings than last year when they made $2.11 with 67 boats. the day rates haven't fallen enough for boats to warrant your concern. i'm reading MAVK's report nonetheless. Satus quo is the word for boats. the average supply boat day rate by which they made $2.11 last year is little changed this year as the day rate was lower at the beginning of 1997 than at the end of 1997. This year the rate was higher at the beginning and sliding to a lower rate toward the end, but not significantly lower, such that the average day rate is still comparable to 1997's.

To: EyeDrMike who wrote (550)	7/14/1998 2:41:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 1153

Dr Eye, reading the MAVK report - a few brief observations: the CEO's comments: <<Drilling rates in the United States during the quarter were down 7%, due primarily to a 27% drop in oil related drilling compared to the previous year. ...Gregg Eisenberg, President and CEO said ''Industry conditions and the resulting demand for our energy related products declined sharply during the quarter. Oil prices were very weak, down by almost 26%, reducing oil related drilling to record low rates. We believe OCTG inventories were reduced in light of slack demand, further depressing the demand for new OCTG products. Finally, imports continued at high rates, capturing an increased share of the lower demand level. In addition, weak demand contributed to a decline during the quarter of OCTG prices. On the other hand, our industrial products sales continued at a brisk pace, contributing significantly to our overall results.''>> his comment, "reduce oil related drilling to record low rates" is odd since drilling rates are not at their lowest. they're about average for the past ten years. wonder what time frame he is using. his mentioning that "imports continued at high rates" is probably the greater reason for MAVK doing so poorly. if an oil company can buy it in Asia for 40% off the price, it will. don't know if this is the whole issue associated with MAVK since I've not looked at them for over a year now.