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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ItsAllCyclical who wrote (65707)5/4/2000 5:18:00 PM
From: BigBull  Read Replies (3) of 95453
 
Speaking of value, is any one even remotely interested in the fabs at this point? GIFI is the clear relative strength leader but FGH and UFAB are in the bottom of the bottom of the junk pile. With jackup rate utilization at 100% in the GOM, this is incredible. I mean we are talking at or below 97 trough levels here. Priced to oblivion just before the GOM explodes? Jackup rates alone should probably get up to mid 30's to low 40's by the end of the year, and they will need NO maintainence, refit, upgrades, not to mention new builds? How about jackets and platforms for new production wells? None of those will be needed? C'mon folks, something is wrong with this picture. My bet is these are terribly mispriced issues at this point. Easy 2 to 3 baggers when the contracts come in in a few months. The jackup rig fleet is OOOOLd folks, very old.

Are fabs now the great valuation anomaly play in the patch or headed for oblivion? The negativity on this sector is reminding me of '97. I'm thinking of starting up a fabs board, just so that I can get abused, I'm missing '97 when I was 1 of only 2 bulls on oil on planet earth. I can't wait for the "yards aren't worth anything if nobody wants them" statements like I heard about rigs back in '97.

Is it now time to get to the party early? Or will the party be cancelled? I seriously doubt it. Incredible prices here, imo.
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