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

To: Fredman who wrote (1426)	4/9/1999 2:05:00 PM
From: Elmer Flugum	Read Replies (2) \| Respond to of 2282

No, I have not...I am concerned about how the market is going to respond to the earnings numbers on Thursday morn before the opening. Stock looks stale to up lately...BUT Thanks for the heads-up Fred. Len

To: Fredman who wrote (1426)	4/9/1999 2:06:00 PM
From: Elmer Flugum	Read Replies (2) \| Respond to of 2282

From Tusk Resource's Thread: N.Y. Crude Rises as '99 Demand Seen Exceeding Supply, Ending Global Glut Crude Oil Rises After IEA Reports '99 Demand to Exceed Supply New York, April 9 (Bloomberg) -- Crude oil rose 2 percent, its first gain in four days, after a forecast that global production will fall short of demand this year, raising expectations that a worldwide glut will end. World demand this year will rise 1.2 percent from 1998 while production should slip, provided oil exporters trim output as much as they pledged last month, the International Energy Agency said in a monthly report. High inventories helped send crude oil prices to a 12-year low in December. ''When we see those inventories shrink, we're going to need that oil,'' said Bill O'Grady, vice president, director of fundamental futures research, at A.G. Edwards & Sons in St. Louis, Missouri. Crude oil for May delivery rose as much as 32 cents to $16.15 a barrel on the New York Mercantile Exchange. In London, May Brent rose 29 cents, or 2 percent, to $14.50 a barrel on the International Petroleum Exchange. Prices are up about 3 percent from a year ago. The Organization of Petroleum Exporting Countries and other nations will start cutting output this month in a plan designed to reduce world supply by 2.7 percent. O'Grady said the consensus opinion among analysts is that the IEA is right in its forecast. ''If the production cuts are made and the economies of some of these countries improve, inventories will drop,'' he said. ''You just can't keep this market down.''

To: Fredman who wrote (1426)	4/13/1999 1:09:00 PM
From: Robert Douglas	Read Replies (2) \| Respond to of 2282

Len, did you see in the GLM Annual report where they said 15 of the 16 contracts they have for drilling in the GOM expire(d) on March 1 1999 ??? I think you misunderstood what you were reading. This was referring to third-party rigs [not GLM rigs] that GLM contracted from others to use in their "Drilling Management Services". The rates which they had contracted these rigs were peak rates and so when the contracts on the rigs expired they did not renew them. It is good that the contracts have expired since GLM did not have use for them and was subcontracting the rigs out at rates less than what they were paying. When they could find subcontractors at all! The bad new is that in 1997 Drilling Management Services was a very profitable line of business for GLM. The good news is that the losses taken here in 1998 have now ended. -Robert