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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30531)	4/2/2008 7:22:14 PM
From: E_K_S	Read Replies (1) of 78627

Hi Paul - You get a bonus investment in Ocean Rig ASA (owner of two ultra deep-water drilling rigs) when investing in DRYS. forbes.com December 17, 2007 From the article"...The Greek dry bulk shipping company announced Monday that it agreed to acquire 30.4% of the outstanding shares and voting rights of Norwegian offshore drilling contractor Ocean Rig ASA for $405 million...." Here is the web page for Ocean Rig: ocean-rig.com These drilling rigs are extreme machines and fetch over $637,000 per day. I was thinking of starting a position in Ocean Rig ASA as it a foreign company that is a direct play on deep drilling rigs. My 2008-2009 price target for DRYS is $120/share. IMO stock should get some PE expansion with their Ocean Rig ASA investment. Their earnings continue to grow while their fleet age declines. EKS

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