Page 47: of Maritime Reporter Magazine (April 2001)

segment achieved record levels of activ- ity during 2000," Rose said. "Over the course of the year, we drilled 122 turnkey wells and captured a 65 percent share of the Gulf of Mexico turnkey market. However, due to a number of difficult wells, this segment's fourth quarter operating profit declined to $2.1 million from $6.2 million for the same period in the previous year." For the full year, drilling management services con- tributed $21.6 million of operating prof- it, the third highest level in the compa- ny's history. On 2001, Rose said, "Our business is poised for very strong finan- cial performance in the coming year.

Customer budgets are projected to increase an average of about 20 percent in 2001, with activity in the internation- al markets expected to accelerate as the major oil companies refocus on internal growth opportunities. In addition, the

Gulf of Mexico rig market should con- tinue to tighten as the industry drills aggressively to meet the need for new natural gas supplies." In 2001, Global

Marine will also benefit from the full- year contribution of the new drillships placed in service during 2000. The Glo- mar C.R. Luigs and the Glomar Jack

Ryan are state-of-the-art rigs and repre- sent the culmination of a five-year capi- tal investment program to expand the company's deep-water capabilities.

During 2000. Global Marine's capital spending totaled $178 million and was dominated by final construction and commissioning costs of the two new drillships. "With these projects complet- ed," said Rose, "our anticipated capital requirements for 2001 will be reduced by almost 50 percent."

Nearly half of the company's prelimi- nary capital budget for 2001 is ear- marked for rig upgrades to meet grow- ing customer demand for deeper and more highly deviated wells. "These enhancements are expected to generate only minimal unpaid downtime," Rose added. In answer to concerns about the speculative construction of new offshore drilling rigs in the foreseeable future.

Rose said, "Global Marine will not build new rigs on a speculative basis. If and when the market demands new rigs, term contracts will be available to sup- port construction."

Coflexip Stena Offshore Closes

On Aker Maritime Acquisition

Coflexip Stena Offshore (CSO) has finalized with Aker Maritime, the acqui- sition of its deepwater operations. The company's Deepwater Division, which is headquartered in Houston, Texas, was attained for $513 million plus the assumption of the net debt of $112 mil- lion. The two parties had initially announced, on October 29, 2000, that they had entered into a conditional agreement whereby CSO would acquire the shares of the companies encompass- ing the Deepwater Division of Aker.

The final price of the acquisition will be subject to various adjustment mecha- nisms on the basis of audited financial statements of the Deepwater Division at

December 31, 2000.

Coflexip Stena Offshore

Receives CSO Deep Blue

Colflexip Stena Offshore received its newest ultra deepwater pipelay and sub- construction vessel, CSO Deep sea

Blue, on March 1 from Hyundai Mipo

Dockyards, subsequent to successful sea trials. The vessel has since departed

Ulsan, South Korea and is now heading toward the Netherlands.

The vessel's unique CSO designed pipelay equipment will be installed allowing it to lay rigid pipe (reeled and

J-lay), flexible pipe and umbilicals down to 8,200 ft. (2,500 m). CSO Deep

Blue is scheduled to commence opera- tions this summer.

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