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

To: Peter V who wrote (43043)	4/22/1999 9:44:00 PM
From: Robert H.	Read Replies (1) \| Respond to of 95453

Peter, Seems to be alot of confusion going around the patch. Lots of heavy spin. I'm told dayrates are going down. Sure looks like RIG has not been effected. Commenting on the Company's quarterly performance, J. Michael Talbert, Chairman and Chief Executive Officer of Transocean Offshore Inc., stated, "The Mobile Units business segment continued to benefit from a backlog of contracts signed prior to the weakening of the market for offshore drilling rigs. During the quarter, utilization of our 20 fully owned and active semisubmersibles and drillships, or floating rigs, was 93%, down from 99% in both the fourth quarter and corresponding three months of 1998. However, during the first quarter of 1999, the semisubmersible Transocean Arctic and drillship Discoverer 534 commenced new contracts with increased dayrates, and the drillship Discoverer Seven Seas received a premium dayrate while drilling a well in over 7,000 feet of water. These contract changes contributed to an improvement in the average dayrate on our 20 floating rigs to $132,100. The first quarter 1999 figure compares to an average dayrate of $125,100 during the fourth quarter of 1998 and $112,800 during the three months ended March 31, 1998.

To: Peter V who wrote (43043)	4/22/1999 9:51:00 PM
From: stan s.	Read Replies (1) \| Respond to of 95453

Hey Peter, nice to know you could never make that kind of error in the early morning hours. Geez, I mean transposing 1998, 1999. Well anyway, here's to your mistake free...oops just saw your note about the 8% calculation error. Well. that's different. <VBG> Regards, Stan HOUSTON, April 22 /PRNewswire/ -- Transocean Offshore Inc. (NYSE, OSE: RIG) announced today that net income for the three months ended March 31, 1999 reached a record level of $85.2 million or $0.85 per diluted share on revenues of $306.4 million. The results compare to net income of $77.6 million or $0.77 per diluted share on revenues of $258.3 million during the corresponding three months of 1998. First quarter 1998 results included a non-recurring after-tax gain of $13.9 million or $0.14 per diluted share arising from the settlement of a dispute with Global Marine Inc. Excluding the impact of the settlement, net income for the first three months of 1998 was $63.7 million or $0.63 per diluted share

To: Peter V who wrote (43043)	4/22/1999 9:54:00 PM
From: Cragganmore	Read Replies (1) \| Respond to of 95453

Peter, I was referring to the following article in TheStreet.Com when I mentioned the correction: thestreet.com I've included the relevant portion is here: The story also reported incorrectly that Transocean posted a non-recurring after-tax gain of $13.9 million, or 14 cents per share, as a result of the settlement of a dispute with Global Marine (GLM:NYSE), in the first quarter of 1999. In fact, Transocean reported the after-tax gain in the first quarter of 1998. Excluding the results of the settlement, Transocean earned $63.7 million, or 63 cents per share, in the first quarter of 1998. (corrected April 22)