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: BigBull who wrote (64379)	4/12/2000 10:55:00 AM
From: Big Dog	Read Replies (2) of 95453

Frost Securities: Pride (NYSE: PDE; STRONG BUY; Price: $23-1/2; 12-Month Target: $47) is moving forward on the Amethyst 4 & 5 rigs under construction at Friede Goldman Halter (NYSE: FGH; Not Rated; Price: $6-1/2). The agreement allows construction to restart with anticipated delivery dates of August 2001 and November 2001. All litigation claims are on hold for six months while construction is restarted. This allows the company?s subsidiary, Petrodrill, to clarify its contract position with Petrobras since the current delivery will be beyond the original contract delivery date. We anticipate Petrobras will proceed to accept the rigs upon delivery. We expect demand for this type of vessel to be quite high by the end of 2001. We highly recommend Pride at current levels with a STRONG BUY.

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