Show BUSINESS and the tha STOCK MARKET by BABSON'S REPORTS INC Copyright 1973 1977 THE 0 OFFSHORE INDUSTRY Offshore activity maintained a fast pace last year as the search for gas and oil oft il grew grew mor more intense Man Many areas areas throughout the free world are already producing being explored or awaiting exploration As Ai was expected most companies within the industry registered good gains last year in both revenues and earnings Fur Furthermore with demand exp expected to remain strong utilization rates should hold at a a high level leveland and most firms are are likely to chalk up up further good advances advances ad ad- vances in 1973 despite rising costs The Presidents President's energy message to Congress earlier this year contained some good news for the offshore in In- Of primary significance was the proposal to speed up offshore lease sales The Interior Department in fact plans to triple the amount of f oil leasing along the outer continental shelf sh starting next year Another favorable aspect of the message message mes meso sage was the suggestion that an additional additional additional ad ad- tax subsidy be granted in the form of a tax credit for outlays involved in in- in extending exploration i l Investors rs Turn Hes Hesitant nt While most offshore companies enjoyed enjoyed en en- joyed a good gain in earnings for 1972 the st stocks suffered a a market setback earlier this year No doubt this was partly due to a poor market atmosphere atmosphere atmosphere atmos atmos- phere and the fact that many offshore issues had risen sufficiently to make them more vulnerable to market But other factors were also involved |