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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: david james who wrote (13157)2/28/1998 9:45:00 PM
From: marc chatman  Read Replies (2) of 95453
 
I know CDG has several contracts in Venezuela and several land rigs in operation there. They indicated that 46% of their revenues in the first 9 months of 1997 were from Venezuela). Despite the low price of oil, it seems that the prevailing sentiments in Venezuela could benefit CDG and other companies doing business there. (Anyone know who else does significant business in Venezuela?)

Speaking of CDG, I was going over their last 10Q and came across a discussion of their exposure to Venezuelan currency risks and prior losses due to currency devaluation (in 1996). Can anyone explain why CDG is exposed to this risk? I thought these drilling and service contracts were bid and paid in US dollars. And, if not, I would have thought that a company being paid in foreign currency subject to depreciation risk would be hedging.
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