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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: bw who wrote (2810)11/8/1997 2:50:00 PM
From: Chuzzlewit  Read Replies (1) of 95453
 
bw, the point that I was trying to make was that because oil is fungible, it doesn't matter where the rig is. You are correct when you point out that the world-wide demand for oil has local economies as components, including SE Asia. But I haven't seen anything that would indicate a slow-down in world-wide demand.

The stock market is another animal altogether. It is frequently an emotional rollercoaster that eventually arrives at a point of equilibrium, but in the interim it is totally erratic. The major fallout I see is a decrease in equity offerings in SE Asia, with a probable small economic down-turn until the monetary crisis is resolved.

As to the impact on ESV, I haven't noticed any foreign currency translation losses on the income statements or balance sheets of the drillers, so local currency issues don't seem to be a problem.

Regards,

Paul
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