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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (33112)12/23/2008 9:33:47 PM
From: Spekulatius  Read Replies (1) of 78644
 
RIG - the market is telling us that those earnings numbers are too high. This reminds me of the last merry go-round for the drillers in 1999 when high drillship dayrates collided with low crude prices. I think the drillers lost that battle for the most part as most contracts got renegotiated or such. I am not sure that better written contracts are going to help much. So my take is that those earnings are going to be revised down in a drastic manner and folks in the oil patch know this.
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