Page 24: of Maritime Reporter Magazine (October 1997)

T he raging offshore market has now officially passed the "heating up"phase, and is cur-* # rently running at full-throttle "engulfed." The resultant business boom for owner/oper- ators, vessel and rig builders and repairers, and product and service suppliers has left many companies with record levels of income and earnings potential. A good sign of the mar- kefs recent (and probable continued) success was Global Marine's No. 1 ranking on Fortune magazine's list of the U.S.' fastest growing companies. (Fortune, September 29, 1997). The respected publication 's analysis noted that "surging day rates for its premier fleet of 28 oil rigs are causing cash flow and earnings to gush.'"

Based on a myriad of factors, including: healthy oil demand projections; improved technolo- gy to more efficiently find and recover resources; tremendous interest in the purchase of new blocks to explore; and soaring day rates, it appears the proverbial party will continue for at least a few more years. This section is dedicated to delivering the latest news and happenings regarding companies, vessels and products for all walks of the workboat market. 24 Maritime Reporter/Engineering News