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: Think4Yourself who wrote (65004)	4/19/2000 6:28:00 PM
From: upanddown	Read Replies (2) of 95453

John Q As far as I know, there are no further legal barriers to the B&W bankruptcy and the shielding of other MDR assets. The judge ruled Monday and that is it. No revisiting the case for a year. Maybe we should just stick with our high-risk play in MDR rather than a low-risk play like ESV. Lets see....its very symmetrical....ESV has 8 times the market cap of MDR..MDR has 8 times the sales of ESV. ESV sells for 12 years sales...MDR sells for 20% of annual sales. ESV 2000 P/E is projected at 68 while MDR is around 15. The shallow-water drillers have been the best performers in this cycle and they are looking very overpriced to me. I think they have had their day and it is now time for other groups to step forward (deepwater, services, construction and E&P). JMO. John

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