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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (33797)	3/19/2009 9:26:16 AM
From: E_K_S	Read Replies (2) of 78740

DryShips Announces Letter of Award for a Contract to Employ the Leiv Eiriksson for 3 Years With Petrobras Thursday March 19, 8:39 am ET biz.yahoo.com From the article: Drys "...announced today that its wholly-owned subsidiary Ocean Rig ASA has received a Letter of Award from Petrobras for a 3-year period employment contract for exploration drilling in the Black Sea. The 3 year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately USD 630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8%..." =============================================================== We are starting to see CapX money to be deployed by the integrated oil companies to develop their deep drilling offshore fields with new rigs and the support services required to maintain them. I have my eye on several companies including finance.yahoo.com The key will be to find those companies that directly benefit from the offshore oil field development, have a significant percentage of their business in providing the various support services or companies that lease the very expensive offshore rig platforms and are selling at a significant discount to BV. RIGs, Drys and SFL lease these multi-billion dollar rigs (Drys is the most leveraged with huge debt), Ultr and AGCY provide specific offshore services and FLR, HAL & BHI are very large diversified (both onshore & offshore) development service companies. Are there any other undervalued companies that fit this theme? Please post. EKS

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