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Politics : High Tolerance Plasticity

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To: Frank who wrote (3700)	4/24/2001 12:28:18 AM
From: upanddown	Read Replies (1) of 23153

Frank If you like GLBL you might want to consider MDR. Not a popular view currently since GLBL is up and MDR is down. MDR is getting hammered because their insurance carriers are talking about weaseling out of their asbestos coverage for B&W. They have already acknowledged their liability to the bankruptcy court so I doubt they will be successful. Consider these facts. JRay is a far more significant player in the deepwater GOM than GLBL. They get a piece of virtually every deepwater platform. JRay alone has 9 times the backlog of GLBL and 3 times the revenue. The other two divisions of MDR besides JRay and B&W have 26 times the backlog of GLBL and 3 times the revenue. The JRay backlog does not include the 4 topsides projects for BP or the Murphy Spar project which, if they are all finalized, will probably triple backlog for JRay. The reason I state this is that MDR has a market cap of 639M while GLBL is 1.4B. Another possibility is SOSA (gotta be careful here since I am a Sammy fan<g>). They have about the same market cap as GLBL but 3-4 times the revenue and 26 times the backlog. They won the Gulfstream pipelay (probably the biggest P/L project ever in the GOM...400 miles from Mobile Bay to Tampa Bay to supply NG to Florida utilities) and GLBL didn't even make the final cut. Not trying to pick on GLBL here but they are either a poster boy for overpriced patch stocks or the two above are grossly undervalued. GLBL may have an impressive name (sounds like something out of "Citizen Kane"<g>) but they are not an impressive player in the deepwater GOM. The Admiral keeps yakking about things are going to get better but they have really had virtually no positive news for years. John

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