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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: Sterling who wrote (788)	7/14/1998 6:01:00 PM
From: Jim Lou	Read Replies (1) \| Respond to of 2282

Tuesday July 14, 11:42 am Eastern Time Global Marine sees H2 on par with H1 HOUSTON, July 14 (Reuters) - Offshore drilling contractor Global Marine Inc. said on Tuesday it expected earnings for the second half of 1998 to be similar to those of the first half. ''The last half of 1998 for Global Marine looks to be on par with the first half of the year,'' chief executive Bob Rose told a telephone conference following second quarter earnings. Asked if this implied earnings per share of $1.60 to $1.65 for the whole of 1998, Rose said that range was ''in the ballpark.'' ''We do recognize the reality of oil prices and its effect on our business and we are looking for a pretty tough summer. We believe the third quarter is going to be a tough one,'' he said. Nevertheless, if Global Marine's assumptions for the second half of the year were correct, then the company was headed for record earnings for the year as a whole, he said. ''As it looks today we're very probably on track to have a record year in 1998...It's conceivable that 1999 will be a third consecutive record year for us,'' he said. Rose said the company did face some ''short-term issues'', notably a softening of dayrates for jackup drilling rigs and the prospect of lower utilization rates. ''Fortunately today we're able to claim that our entire Global Marine drilling fleet is fully utilized,'' he said.

To: Sterling who wrote (788)	7/23/1998 4:35:00 PM
From: Tealby Abbey	Read Replies (1) \| Respond to of 2282

Greetings, guys: It looks like you were right when you said wait for confirmation of the bottom. I bought in and already I have seen the stock drop. Sigh. Fortunately I am a long term investor, and I view this as a contrarian play/inflation hedge. Besides, my position is small. I am an amateur, but to me the stock looks to be a very good value at these levels. Go figure Wall Street. Hopefully, the fact that the industry grouping is rated near the bottom now means we've seen the worst of the carnage. I will keep some cash handy to pick up more when we see the 'uptrend'.