The Daily Advertiser from Lafayette, Louisiana • 29

SECTION August 30, 2001 The Daily Advertiser WWW.acadiananOW.COm Cuming fast-tracks buoys for Delmar project Business RIEFCASE Tb Markets in Brief i ejnesdayAug 29,2001 owned by the Shell Oil Co. in the Gulf of Mexico. This marks the first time this type of mooring system will be used in the Gulf. The rope, which is made up of polyester fibers manufactured by Honeywell USA at the Marlow Ropes plant in Hail-sham, East Sussex, England, is comparable in strength to steel cable. Being lighter, though, it cuts the weight necessary to secure the rigs in ultra-deep waters below 9,000 feet Delmar will use about 1 million pounds of the rope, said Brad Como, Delmars executive vice president.

When steel cables are used to secure a drilling rig to the ocean floor, tons of cable are used and that directly affects the amount of weight ment and retrieval. An outer steel cage provides impact and abrasion damage control We are very confident the C-Float buoys will provide the ruggedness and maneuverability for Delmars deep water operations in the Gulf of Mexico, Wong said. Our C-Float buoys will enable Delmars customers to moor deep water vessels more efficiently than in the past, streamlining deep water operations. Como said the rope was airlifted into the New Iberia Regional Airport and then trucked to the Port of Fourchon, where Delmar has a staging area for its Gulf of Mexico operations. At Fourchon, he said, the actual mooring device will be constructed for shipment out to the rig.

John Sullivan Staff Writer NEW IBERIA An Acadiana company employing a new type of anchoring system for semi-submersible oil rigs is getting some help from a firm in Massachusetts. The Cuming Corp. of Avon, is shippmg eight C-Float buoys to Delmar Systems for a deep water anchor system the Acadiana company has pioneered. Other New Iberia companies involved in the buoy project were Regional Fabricators, Mixon Trucking Co. and Four-D Painters.

Delmar is using an advanced polymer rope to secure a semi-submersible oil rig that can be loaded on the rig, he said. This rope is almost buoyant neutral, which means it has almost no weight underwater, Como said. Ray Wong, Cuming Corp.s manager of flotation products, said Wednesday the buoys provide 60,000 pounds of net buoyancy to a depth of 4,000 feet He added that the buoys were designed, built and delivered to Delmar in only three months. Wong said Cumings designers made major improvements to a previously designed buoy The buoys are rectangular with tapered ends for improved stability and handling. The devices include a central through-pipe for the in-line mooring chain with a stopper plate at each end for easy deploy too to NYSE Composite.

1 167,840,920 EBay goes Hsllywood V0DK (AP) Internet auction leaaei eBay me is branching out into televi-s i a ''eA syndicated series about colic tng 'ha could debut in 2002 While lOJts Xaas'tew a popular PBS pro-' sou 'sored by eBay examines the behind terns the new half-hour show i "'ori on the pe'soia! stones of the Cji-' woo connect on eBay and other venues It is expected to launch in the fall of Gas Oil Prices ComCorp agrees to sale of seven stations to Kentucky-based firm. Jim Bradshaw Senior Writer LAFAYETTE Regent Communications Inc. agreed Wednesday to buy seven Lafayette radio stations from ComCorp of Lafayette Inc. for $39 6 million in cash. The stations include KMDL-FM, KRKA-FM.

KFTE-FM, KTDY-FM, KPEL-FM, KPEL-AM and KROF-AM, all of which are housed studios at 1749 Bertrand Drive. ComCorp of Lafayette is a subsidiary of Communications Corporation of America, a privately held corporation. Its principal officers are Thomas R. Galloway chairman, and chief executive officer D. Wayne Elmore.

The sale of the radio stations was a tough decision for us, Elmore said. Our chairman (Galloway) has been involved in the radio business in Lafayette smee the 1960s. Over the last several years, Communications Corporation of America has sold radio stations in New Orleans, Fayetteville, and El Paso, Texas The sale of the Lafayette radio group completes our exit from the radio business and enables us to concentrate on acquiring additional television properties, which is our core business." Communications Corporation of America contmues to own and operate or is affiliated with 25 television stations Indiana, Texas and Louisiana, including KADN and KLAF television stations in Lafayette. According to a company statement. Regent (Nasdaq.

RGCI), based in Covington, Ky, is a holdmg company for radio stations and is focused on middle and small-sized Lean Deficiency Bates Brad KempThe Advertiser Regent Communications Inc. has agreed Wednesday to buy seven Lafayette radio stations from ComCorp of Lafayette Inc. The Covington, Ky. -based firm will pay $39.6 million in cash for the stations located on Bertrand Drive. s' a siwr ongpv snes as of Aug 29 Corn 00 per bjshel Grain Sorghum 00 per hundredweight Soybeans 66 per bushel Wheat 05 per bushel Rice (LG) S3 70 per hundredweight Rice (M.C.) S3 50 per hundredweight Local interest Stocks markets that have a history of growing revenues and broadcast cash flow, have capable operating management and are in communities with good growth prospects.

The company was incorporated in Delaware in 1996 by Terry S. Jacobs and William L. Stakelin. Jacobs is currently chairman, chief executive officer and treasurer. Stakelin is president, chief operating officer and secretary In a prepared statement, Jacobs said, This attractive acquisition marks our entry into Lafayette, the nations 123rd ranked radio revenue market.

We are well positioned to create value as this seven station cluster is already consolidated, providing us with the opportunity to focus our efforts on growing revenues and cash flow via programming and sales improvements. Regent currently has 60 stations iir 12 markets in California, Illinois, Michigan, Please see REGENT on Page 6D Stocks fall on lackluster economic report NEW YORK (AP) Investors sent stocks tumbling Wednesday for a third straight session on a government report showing the economy eked out only a slim gain in the second quarter, its weakest performance in eight years. While the economy fared better than expected some analysts had feared it would be flat or even decline investors werent comforted. After weeks of dismal earnings and negative forecasts from the nations biggest companies, Wall Street took the report on the gross domestic product as just another reason not to buy There is no faith that things are about to improve anytime soon, said Richard E. Cripps, chief market strategist for Legg Mason of Baltimore.

The Dow Jones industrial average closed down 131.13 at 10,090.90, giving it a decline of 332 points, or 3.2 percent, so far this week. Once again, the blue chip index finished at levels last seen in early April The broader market was also lower with the Nasdaq composite index falling 21.81 to 1,843.17, bringing its three-day loss to 73.63, or 3.8 percent The Standard Poors 500 index fell 12.91 to 1,148.60, giving it a drop of 36.33, or 3 percent, so far this week. Investors were clearly disappointed by the Commerce Departments report that the GDP the countrys total output of goods and services inched up just 0.2 percent in the April-June quarter. The resulting selling was spread across the market as frustrated investors stayed away from stocks on worries that business would remain weak for the immediate future. Caterpillar fell 97 cents to $51.17, while Gap slipped 60 cents to $19.70 after Banc of America Securities reduced its rating on the retailing stock.

Pessimistic outlooks from two technology bellwethers intensified the markets bad mood. Chip stocks slipped after Advanced Micro Devices warned that revenue in the current quarter would likely fall about 15 percent from the last quarter, compared to previous projections of 10 percent to 15 percent losses. AMD fell 66 cents to $14.20, a 4 percent loss. Networking stock Nortel Networks fell 25 cents to $6.52 after WorldComs announced that it would cut its 2002 capital spending to $6 billion. WorldCom, which fell 53 cents to $12.44, is one of Nortels most important customers.

Gulf rig use Hints 22-montii leu icttn retvj rip, to K.MHIw fwOncMr? NfrctW, mtn, tUmlm A rm In) John Sullivan Staff Writer LAFAYETTE The downward spiral in Gulf of Mexico rig use continued this past week, hitting a 22 month low. Tom Marsh, associate publisher of the ODS-Petrodata Group in Houston, said Wednesday the entire worldwide mobile offshore rig count fell this past week. U.S. Gulf offshore rig utilization is 74.6 percent due to a six-rig declme the number of rigs under contract compared to just a week ago, Marsh said. U.S.

Gulf rig utilization has not been this low since Oct. 15, 1999. Of the 213 mobile offshore drilling rigs deployed in the U.S. Gulf of Mexico, 159 are currently under contract. That leaves 54 rigs idled for reasons that include refitting, repairs or refurbishing.

In addition to the slide in utilization rate in the Gulf rig fleet, the same thing is happening in the European and worldwide fleets, Marsh said. European offshore rig utilization is 97 percent this week, he said. Of the 101 SOURCE Smrtr Tool Division ol Strain international Ottsnore Data Services I i I There were 1,281 rigs in use thd week before. A breakdown of the current figure shows: 37 inland rigs; 1,109 land units; and 117 offshore rigs. The week before there were: 38 inland rigs; 1,126 land rigs; and 117 offshore rigs.

The Big Three of U.S. oil production Louisiana, Oklahoma and Texas accounted for 872 rigs in the total inventory. A breakdown of that figutp shows: Louisiana with 208 rigs; Oklahoma with 130; and Texas with 534. operations, Marsh said. Not all of the contracted units are actually working, he said.

Of the 81 in the Gulf of Mexico inventory, 46 are currently under contract for a utilization rate of 56.8 percent. The total number of drilling rigs in use in the United States fell for a second week, according to the Smith Tool Drilling Activity Report. The company, located in Houston, reported Wednesday that there were 1,263 rigs in use in the United States last week. mobile offshore drilling rigs deployed in European offshore waters, 98 are currently under contract. The worldwide offshore rig use rate fell to 85.8 percent.

Of the worlds 653 mobile offshore drilling rigs, 560 are currently under contract. Marsh said he was not sure when the downward slide would stop. In addition to mobile drilling units, there are 312 secured platform rigs that are marketed worldwide for offshore drilling i JAPENESE HIBACHI FILET MIGNON Fast Fact Pfizer Inc. was accused in a lawsuit Wednesday of causing brain damage and sometimes death to Nigerian children after secret testing" of a new meningitis drug in 1996. DINNER SPECIAL Includes salad, appetizer, entree vegetable Let us knew If you have any questions about todays local news stories, please call Business Editor Terry O'Connor at 289-6321 This section was edited and designed by K.S Quattlebaum, Donna Talley John Sullivan, Shelly Kneg and Tony LeBlanc.

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