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: Harold S. who wrote (53525)	10/26/1999 2:10:00 AM
From: Sunny Jim	Read Replies (2) of 95453

FGI news - it looks bad but it's really impossible to tell based on the information. They are talking about a loss of $.36 per share which includes their estimate of the Ocean Rig dispute. Earlier they said that their exposure was $6 million per rig or $12 million for the two rigs, which equates to $.52 per share. Assuming that they are expensing the full $12 million and ending up with a loss of $.36, that says they made $.16 per share from operations vs. expected earnings of $.19. If(big if), these assumptions are correct, the bad news would be that they missed earnings by $.03. I would conclude today's release wasn't an earnings release, because they didn't really tell us what earnings were. Just MHO. Anybody have any better information that we can go on?

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