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Gold/Mining/Energy : Santa Fe International (SDC)

SDC 0.01000

+5.3%

Jan 5 4:00 PM EST

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To: Brian Lempel who wrote (15)	11/13/1997 9:53:00 AM
From: Czechsinthemail	Read Replies (1) of 54

Brian, I think it's a given that there will be signifiant repricing of SDC's rigs. Not only is there a general shortage of rigs causing jumps in dayrates, but SDC is heavily involved in heavy weather rigs and international markets. The heavy weather rigs have shown the greatest price increases recently, and international exposure is thought to further increase SDC's competitive advantage in re-contracting the rigs because of fewer available competitors. For example, I've heard that SDC will be drilling in the Caspian Sea area. This is a new field that is expected to develop into one of the world's largest oil regions. SDC will be repricing most of its rigs within the next year, which should dramatically boost earnings. My guess is that the estimates may not fully reflect this and will have to be revised upward as earnings and new contracts are announced. Good luck, Baird

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