**OT** Trufflette, wouldn't it make more sense to ask that on the Drilling Thread?
Subject 12099
From the Nov 21 press release: James C. Day, Chairman, President and Chief Executive Officer, said ''While the stock market in general is nervous, the
fundamentals for the drilling sector continue to improve. Our EVA-4000(TM) conversions are providing an outstanding
alternative to newbuilds for ultra deep drilling applications. The units are retrofitted with state of the art equipment to optimize
drilling results for our clients.''
As referenced above, the company has previously announced three EVA- 4000(TM) conversion projects. The initial
EVA-4000(TM) conversion, the Noble Paul Romano, is currently underway for SDDI. The second EVA-400O(TM)
conversion unit, the Noble Paul Wolff, has been contracted to Petrobras. Noble Drilling's third EVA-4000(TM) conversion,
the Noble Amos Runner, has been committed under a rig sharing agreement to a consortium of operators in the Gulf of
Mexico.
Noble Drilling (U.S.) Inc. has also entered into a letter of intent for a six month contract, with options to extend, for drilling
operations in the Gulf of Mexico for the jack-up Noble Leonard Jones. The unit is currently undergoing refurbishment and
upgrade to 390 feet of water depth capability and the addition of an extended reach cantilever (ERC(TM)) and is scheduled
for delivery in January 1998.
Day added, ''The Company is continuing its previously announced share repurchase program.''
As of last week they had 8 millions shares to buy back.
As for me, i'm more interested in where the stock will be in 3 years than what it does this week. $120 looks like a reasonable target price. |
