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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (18237)4/7/1998 12:41:00 AM
From: Czechsinthemail  Read Replies (1) of 95453
 
marc,

I think the Mavis story is a non-event. It has the appearance of a dramatic story, but I suspect no real substance. If Coastal decides not to pick up its options, ESV will simply market the rig to someone else. What may be more significant is that a rumor that ESV will be losing two of its contracts may have contributed to its recent price weakness. But I don't see any real substance to the story as far as ESV is concerned. Companies from time to time decide not to pick up options on contracts. It's pretty routine and may be more of an indication of Coastal's uncertainty about its prospects than an indication of softness in the Gulf market. I've seen no indications of problems placing jackup rigs -- utilization and rates remain high.

Though I think there is greater likelihood of a rally from here, if the stocks do go down further, I will be looking to do more bargain hunting buying.

good luck to all,
Baird
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