Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Wowzer who wrote (46068)	6/8/1999 3:42:00 PM
From: Terry D	Read Replies (1) of 95453

Symbol(s) MRL 06/08 3:30P (DJ) =DJ Options Report: Techs Active; Marine Drilling Calls Busy Elsewhere in the options - Marine Drilling Co.'s call options have been attracting attention in recent weeks, said a trader at the CBOE. He said the trading seems to be driven by takeover speculation in the oil group and hopes that the company will be able to meet a July 15 deadline for delivering a rig to meet a drilling contract with a unit of Exxon. A spokesman for Marine Drilling couldn't immediately be reached for comment. Last week, the company said it believes it will be able to meet the deadline. If it doesn't, the drilling contract could be terminated. The CBOE trader said the calls have attracted interest from two large buyers, who may be representing hedge funds. Tuesday's activity was likely the result of maneuvering between these two buyers, he said. Busiest were Marine Drilling's August 15 calls, which were recently down 7/16 at 1 5/16, on volume of 3,010 contracts, compared with open interest of 3,684. The stock was recently down 3/4, or 5.5%, at 12 7/8.

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