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: Braddock Bull who wrote (24317)	6/17/1998 4:23:00 PM
From: Sunny	Read Replies (3) of 95453

Braddock Bull, Yes the investors have adapted or decided to hold on for better days. The adapting I am talking about is for those of us that have to figure out how to make the business survive through the activity decline. When I worked for one of the Baker companies that was done by laying people off and contingency planning our little butts off so we would know how many more people to layoff if the rig count did X. Some of that kind of activity has already started. I think the land drillers and the portions of the service companies that service that market are in for it again. The offshore market is beginning to see some of it. I am hopeful that because this market has been driven by longer contract terms and lease requirements it will not experience the same level of adaptation. If you think back 5 years ago you could have bought glm for less than $3. It grew 10X and has now given up ~40% of that price rise. All of the drillers have seen a similar cycle. Good Luck with your adapting. Sunny

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