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 (63474)	3/30/2000 11:34:00 PM
From: SargeK	Read Replies (1) of 95453

FGH RELEASES ANNUAL REPORT biz.yahoo.com Haven't had time to study the entire report; but, the Millenium S.A. $143.2m semi-submersible contract has been withdrawn from backlog (as anticipated). Backlog a/o 12/31/99 is reported as $689.1m. FGH has reached an interim agreement with Petrodrill (2 - Amethyst/4th generation semi's) subject to approval by the respective 'boards' and MARAD. If approved, delivery of the rigs has been extended until August 1, 2001 and November 1, 2001, respectively;. The Company is taking charges in 1999; but, it is yet unclear (to me) the extent of final financial outcome (which appears to be subject to further intense negotiations over the next 6 months). "The Company had an income tax benefit of $17.1 million in 1999 compared to income tax expense of $20.7 million in 1998 reflecting the Company's pretax loss of $48.0 million in 1999 compared to pretax income of $56.0 million in 1998." Comment: This should (IMO) help cashflow to the extent they will either get a refund and/or year 2000 tax payments will be significantly reduced. There is both good and bad news in the report, I just have not figured out (yet) which weighs the most. Perhaps tomorrow, the MARKET will weigh it for us. At the very least, it appears the 700lb Gorilla has been put on a severe diet. That's all for now. It's bed time. Good luck SargeK

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