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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Challo Jeregy who wrote (1829)10/6/1997 4:10:00 PM
From: Michael Berkel   of 95453
 
Friede Goldman (FGII) is up 10.25% today and Mike Simmons thinks there is a lot more to come, now that a new multi-rig order is in the cards. In a previous Motley message Mike wrote:
"FGII stock is as close to printing money that you will ever get. The offshore industry is booming like nobody's business. The guys at FGII are in the cat bird seat. I personally talked to them ordering an offshore drilling rig for a client of mine and thought they might be willing to negotiate the asking price of 125 million - no way!
In fact I was told if I don't order now the price will be higher next week.
"Watch for a multi-rig order of 5-8 jackups to a single drilling contractor over the next few weeks. This order could be as high as a billion USD. Shipyard capacity is tight. Rig charter rates are sky high and going higher. New constructrion at US shipyards can be done under US Maritime Title giving 87.5% govt. guaranteed loans...tell me these cash flush offshore drillers won't be ordering rigs when they only have to put up 12.5% equity?
"FGII splits next week. It has not had an INCH of pull back since it went public. I know the execs of this company and I can tell you they are money machines.
"FGII is the money maker because they are the brand name. They are the Sears of the offshore rigs. They have engineering properties that are very valuable. 30% of the EXISTING worldwide semisubmersible fleet is FGII design along with 10% of the EXISTING jackup fleet.

"If anyone has any questions about the offshore drilling industry or want to order a rig, shoot at me.

Mike Simmons,
Offshore Rig Broker and Consultant
President Loosbrock Offshore
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