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

To: Aggie who wrote (44854)	5/17/1999 11:12:00 AM
From: Big Dog	Read Replies (2) \| Respond to of 95453

MRL is getting hit because of a Dain Rauscher report put out this morning. It seems the deadline of July 15 for delivery of the Marine 700, which was christened last Friday, is looming and there is some chance that the deadline won't be met -- this would enable Exxon to cancel the contract. Dain has lowered its estimates...the Marine 700 alone will add 15 cents to earnings...together with Marine 500, (and with jackups working at near cost), that's the only place MRL makes money. MRL is said to be trying to negotiate an extension to the deadline, but it seems that Exxon is in the cat bird seat...so to speak. If the contract were "marked to market" it would be closer to $60,000 a day than $170,000 a day as called for in the contract. This is one time when MRL better be damn glad they have FGI on the job. If anyone can get that rig out for them, FGI can. big atoffshore.com