The Los Angeles Times from Los Angeles, California • 34

SAN DIEGO COUNTY BUSINESS Part IV Coe Angeles Whites Tuesday, March 20, 1984 Fluor Given Offshore Drilling Contract The new model relies more heavily on a monthly profile rather than on extrapolating various visitor trends, according to Mike Casenelli, CIC vice president of marketing research. There is also "more emphasis on the consumer price index and more seasonal adjustments," he said. The prior model was developed 10 years ago. Casenelli said, and the resultant figures from that model "were getting old." CIC also generates visitor industry data for Orange County and Los Angeles County, but has used an updated model for those two areas. "Now, the surveys are on the same level," Casenelli said, and accurate comparisons of Southern California cities' tourism industry now can be made.

Year-earlier comparisons will reflect the model change, said Casenelli. was deeply hurt by the oil industry recession that followed the 1980-81 drilling boom. In fiscal 1983, Fluor's contract drilling revenue fell to $86 million from $128 million in fiscal 1982. Operating profit in 1983 was $4 million, compared with $60 million in fiscal 1982. A Fluor spokesman said the Exxon contract calls for Fluor to install and operate a new work-overredrilling rig on Exxon's Hondo platform 26 miles northwest of Santa Barbara.

Fluor employees will redrill 28 wells on the Hondo platform. Fluor Corp. announced Monday that its drilling services company has received a contract from Exxon Co, USA that will return the Irvine-based Fluor to drilling off the California coast for the first time in 12 years. Prior to the recent contract, Fluor had concentrated its U.S. drilling activity in the Gulf of Mexico.

The Exxon contract may signify increasing drilling opportunities off the coast of California for Fluor Drilling Services a Fluor spokesman said in a telephone interview. Fluor's drilling company, like other contract drillers, TOURISM: Change Continued from A members to postpone payment of ConVis dues for the next three months, until the plan's effectiveness can be determined. Regardless of any coincidence, the new computer model already has altered the reported performance of San Diego's tourist industry, the area's third largest after manufacturing and the military. Total visitor spending in 1983. for example, was reported at $1.36 billion.

But under the new model, that figure rose nearly 38 to $1.87 billion. And the 18.4 million total visitors that ConVis reported in 1983 has risen about 58. to nearly 29 million. Despite the overall spending rise, average daily visitor spending decreased, from $27.10 in 1982 to $26.10 last year. ConVis officials said the decline is because of the impact of the Mexican peso devaluation, which discouraged Mexican tourists from spending their money on suddenly more expensive American goods.

public offering to sell $100 million in 10.5 convertible subordinated debentures. Oak has denied the allegations and plans to "vigorously pursue" the litigation. Management contends that the debentures were offered months before the equipment problems were discovered. Nonetheless, the SEC is "looking at the same things we're interested in," said Leonard B. Simon, an attorney with the local office of Milberg Weiss Bej-shad Speclhne Lerach, which filed the complaint.

OAK: Probe by SEC Continued from Fag A present trading level of about $5, making the New York Stock Exchange-listed Oak one of the worst-performing stocks in the United States. Earnings of $30.4 million in 1981 dropped to $4.1 million in 1982, then to losses of nearly $100 million for the first nine months of 1983. Year-end 1983 figures are due for release later this week. "Huge losses" are expected. Carter said in an interview last month.

Oak's relationship to Carter's wife, designer Brenda Mason, is a part of the SEC investigation. Mason's design firm has received nearly $3 million in orders from Oak for furniture and design services in the last three years. Oak last year was hit by a class-action lawsuit alleging fraud, deceit and negligence by the company and its eight top executives, including Carter. The suit claims that Oak should have disclosed problems with its TC-56 cable television converter device before its 1982 Orange County Fears Tourist Loss Orange County's tourism business is likely to take a drubbing this Olympic summer, according to several Orange County tourist industry members. Business is expected to fall sharply in the weeks before and after the Olympics in Los Angeles July 28 to Aug.

12 and several Orange County tourist attractions are plainly worried about it. "Sure, I think tourism will be hurt here," said Harry Shuster, president of Lion Country Safari, a live-animal tourist attraction in Laguna Hills. "If you're not coming here for the Olympics, you might be just as smart to go to Oregon." Even the Disneyland Hotel, which generally reports occupancy near 100 throughout the summer, expects that business could drop about 30 during the two-week periods before and after the Olympics. During the Olympics, it is booked full. OF OFFICE SFME fU YCL3 F.C3E0TIP3 Mo.

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