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Gold/Mining/Energy : Offshore Drilling

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To: mike gates who wrote (4)	9/15/1996 10:27:00 PM
From: JGreg	of 15

Did anyone see GLM's CEO interview last Thursday on CNBC? Prices were going up and then in the afternoon NatWest brokers reduced a bunch of drillers including GLM from "buy" to "hold"! What was that all about? GLM's CEO was talking about increased revenues for 96 & 97 and day rates running now at $40+K and how the day rates aren't even at a level yet for rig replacement and suggesting the rates have another 30-40% to go. When that afternoon report hit the two day increase in prices headed back down. I never did hear or read what the boker's reasoning was. Did anyone hear anything? Greg

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