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: SargeK who wrote (49701)	8/22/1999 8:00:00 PM
From: SargeK	Read Replies (1) of 95453

Picked up on YAHOO FGI Board….. messages.yahoo.com "by: golf1999 6726 of 6726From ODB Newsletter: Watch this coming week for Petrobras to announce the results of its audit of its outstanding semi drilling contracts for rigs under construction. The company has been reviewing the projects in light of the current rig market, their drilling requirements, and the delays in the projects. Three semis under construction at Friede Goldman/Halter Marine were subjects of the audit. Brazilian street whispers say to expect Petrobras to approve and confirm all three of the FGI/HLX semi drilling contracts -- the two Amethyst rigs for the Pride/Petrodrill joint venture being built at HLX, and the Schahin Group's Millennium semi that is ready to get underway at FGI. This should be the final step to clear the way for FGI to move past the engineering stage and start physical construction of the Schahin semi, which will be named MR. TAUFIC SCHAHIN after one of the two brothers that own Schahin Group. Financing guarantees from the U.S. Maritime Administration for the semi are said to be in place and the Petrobras contract confirmation should be the final step needed for formal approval. It was generally thought that the two Amethyst rigs would not be axed, but the fate of the FGI semi was not so certain. The expected confirmation by Petrobras this week will remove a gray cloud that has been hovering over the future of this important FGI project and could give a boost to the stock of FGI which has been a sector laggard of late." I expect significant price improvement in both FGI and HLX over the next several weeks. When Holloway takes his show on the road it will be a sight to behold......... SargeK

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