Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Velocipher. who wrote (2568)	10/29/1997 9:59:00 PM
From: Big Dog	Read Replies (2) of 95453

Greg, you are right (IMO). With the addition of the Canadian shipyard we should start seeing additional revenue and revenue capacity almost immediately. Also, I expect margins to continue to improve as FGII bids additional work. As with the drillers, cost is not the primary deciding factor when it comes to shipyard work. Someone needing work done in order to get ready for one of these sky-high drilling contracts doesn't much care what it costs -- they just want the work done RIGHT and ON TIME. FGII/HAM Marine have the best reputation in the business and the DELIVER. (I have personally had a $6 million upgrade done for me by HAM and I know their quality is the best.) So margins will go higher on higher revenues. This equates to a higher PE (hopefully). Folks remember, the SIZZLE is what sells. MIND doesn't SIZZLE like FGII. MIND is just good steak -- sans sizzle -- so it sells accordingly. Someday the sizzle will be gone, but that day is not in 1997, or 1998. Until then, please hold your napkin up to your shirt so you don't get splattered. (Ala Ruth Chris Steak House) mike

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