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 (53846)	11/1/1999 10:32:00 PM
From: upanddown	Read Replies (1) of 95453

Hard to be surprised about FLC missing their estimate. That is at least six quarters in a row that they have missed. They can't even do an adequate job of guiding analysts. Too many fires, seizures, accidents...this outfit can't seem to get it together. I did very well in FLC over the last year but my gut feeling now is to stay clear until they demonstrate competence. One thing not addressed in the PR blaming all their problems on industry conditions is why their utilization rates vis-a-vis their peers is horrible. Everyone isn't doing as badly as they are. While big GOM jackup operators like ESV, GLM, RDC, MRL are approaching 100% utilization, lil' tweetybird has 12 cold-stacked jackups in the Gulf and a bunch of ready-stacks. Why ? The street will hopefully interpret this tomorrow as an isolated incident by a chronic under-achiever. John

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