Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Thean who wrote (4158)	12/1/1997 10:53:00 PM
From: Thean	Read Replies (1) of 95453

Anyone notices DO and RIG are at about the same price now around 45-46? I don't recall DO trading lower than RIG in the past year. A few months back I remember people were discussing which deepwater drillers to buy if one were to buy only one. My thought then was RIG since RIG appeared to have stronger earning prospect going forward. Well, well, the market seems to confirms that as DO has corrected more. So which deepwater would one buy right now? I have DO earning $3.17 12/98 FY and RIG $2.90 12/98 FY. I would buy DO over RIG for now and consider switching them over if the gap between them widens again. FLC/RB held up well too - this appears to point to the buyin for combination synnergism. They should qualify as drillers with strong support here. PTEN has the cheapest valuation in the land drillers. For high beta lovers, PTEN is likely the CDG (shallow water notwithstanding) of this year going forward. NBR held up pretty well too. We may get a chance at GW for $5 again. Another high beta and shallow water play - MDCO. MDCO actually has one deepwater rig. I would play MDCO over CDG because it has corrected more and MDCO has bigger swing lately than CDG.

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