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

To: Platter who wrote (35820)	1/26/1999 9:59:00 AM
From: Cragganmore	Respond to of 95453

Marine Drilling Companies, Inc. Announces Year-End Results SUGAR LAND, Texas, Jan. 26 /PRNewswire/ -- Marine Drilling Companies, Inc. (NYSE: MRL - news) today reported 1998 net income of $60.8 million, or $1.15 per share on a diluted basis, a four percent increase over 1997's net income of $58.4 million, or $1.11 per share on a diluted basis. Revenues for 1998 increased to $228.0 million from $190.3 million last year due primarily to a 16 percent increase in average daily revenue to $43,921 per operating day. The increase in average daily revenue was offset partially by a seven percent decline in utilization to 92 percent in 1998 from 99 percent in 1997. Net income for the fourth quarter decreased 62 percent to $7.0 million, or $0.13 per share on a diluted basis, compared with $18.6 million, or $0.35 per share on a diluted basis, for the fourth quarter of 1997. Revenues for the quarter ended December 31, 1998, fell 25.7 percent to $43.0 million from $57.8 million for the prior-year period as a result of a seven percent decline in average daily revenue to $39,672 per operating day and a 22 percent decline in utilization to 78 percent from 100 percent during the quarter ended December 31, 1997. Jan Rask, president and chief executive officer of Marine, said, ''As long as crude oil and natural gas prices remain weak, we anticipate that our dayrate revenue and utilization will continue to decline. This will substantially reduce our revenues and adversely affect our results of operations for at least the near term, likely resulting in losses in 1999 until the MARINE 500 and MARINE 700 begin operations.'' Mr. Rask added, ''However, we remain encouraged about the long-term prospects for Marine and are committed to our strategy of balancing our long-term contracts with the significant upside potential in the U.S. Gulf of Mexico jack-up market.'' Marine Drilling Companies, Inc. is an offshore drilling contractor with a fleet of 17 offshore drilling rigs consisting of 15 jackups and two semi-submersibles located in the U.S. Gulf of Mexico and internationally. The company also operates one additional semi-submersible rig under a long-term bare boat charter agreement. This press release includes certain statements that may be deemed to be ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities or events the company believes will or may occur in the future are forward-looking statements. Such statements are subject to a number of uncertainties that are discussed in the company's most recent Forms 10-K and 10-Q. Investors are cautioned that actual results may differ materially from those projected in the forward-looking statements.