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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: John Slater who wrote (3005)11/16/1997 7:20:00 PM
From: Big Dog  Read Replies (1) of 95453
 
For those interested in CKH -- the cheapest stock in town -- I am pasting the following excerpt from their quarterly report.

On August 5, 1997, SEACOR Offshore Rigs Inc. ("SEACOR Rigs"), a wholly owned subsidiary of SEACOR, invested $8.85 million in cash in Chiles for a 50% membership interest in such entity. Through September 30, 1997, SEACOR Rigs has also advanced to Chiles short term loans in the principal amount of $12.6 million. SEACOR Rigs has committed up to $35.0 million of capital in the aggregate (including the amounts already advanced as described above) to partially fund the construction of these two rigs which are expected to cost approximately $177.0 million. In connection with the rig construction contract, Chiles obtained an option to purchase one additional premium jackup drilling rig. It is anticipated that SEACOR Rigs will initially own 80% of the equity in this venture; however, the Company anticipates that this ownership interest will be reduced as a result of the construction of additional rigs and through the sale of additional equity interests to third parties. See Note 8 to the Condensed Consolidated Financial Statements included in this report.

You had to look hard to find this. I think it is an important, yet overlooked part of the future of CKH. Mark my word -- one day this stock will soar !!

mike simmons
loosbrock offshore
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