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: jim_p who wrote (58017)	1/6/2000 2:31:00 PM
From: upanddown	Read Replies (4) of 95453

Quite a transformation on this thread today. Hannibal Lecter to Mary Poppins in one day. Could it be the change in OSX direction? Nahhh, just coincidence, I'am sure. Let's hope all this kissy-face holds thru the next downturn. Does anyone like UFAB here? Heres why I like it. It has been able to maintain marginal profitability thru a severe revenue downturn by getting lean and mean. Small profit expected in fiscal 2000 which ends on Mar 31. Fiscal 2001 estimate is 1.23. Stock is thinly covered (2 analysts - one says .50, other says 1.95 - 2.45/2=1.23) but if that est is realistic you have a stock soon to sell under 5 times current year earnings scheduled for a huge jump in earnings. Their specialty appears to be production platforms. My question is what the hell is going to be needed to PRODUCE deepwater GOM? The MMS still sits on FPSO approval. The PR for the KMG/OEI discoveries in the East Breaks blocks says they expect 2002 production. Sitting in 3500 ft of water, won't that require some huge floating production structure? There are a number of other deepwater discoveries moving towards production. What will they use? UFAB profile says their structures are used primarily in the GOM and West Africa, the two hottest deepwater basins in the world. Under 6 bucks, I don't see a lot of downside risk. John

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