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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: andy who wrote (17319)3/31/1998 1:34:00 PM
From: Czechsinthemail  Read Replies (2) of 95453
 
andy,

There is always the possibility that they have been overrated in the past and therefore in need of a bigger drop. That may still be true unless there is a high degree of confidence that overall drilling activity will continue to flourish. I continue to feel the offshore drillers offer the better relative value in part because they seem less dependent on the price of oil to maintain drilling demand and dayrates. But if oil prices strengthen and overall drilling picks up, those who are betting on the land drillers will likely be the ones to clean up biggest.
Baird
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