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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tom L. French who wrote (25345)7/8/1998 9:38:00 PM
From: Big Dog  Read Replies (2) of 95453
 
I think RIG is simply seen as the big blue of the drillers. If I had to own a drilling company (not just stocks), I would much rather have DO and its lower cost basis. If this market REALLY turns ugly I would hate to have to pay the monthly note on RIG rigs. DO won't have that problem. Notice that DO has not built ONE new rig. You think they didn't have the opportunity to bid opn the same jobs as all the others?

Sure they did, but they are not going to accept the returns that other companies will. There is something to be said about a company that is ran by New York business types that are not emotionally attached to the business. They could really give a crap about growing a company, IMO. They see they have the lowest cost basis in the industry. They have one of the largest fleets in the world. They have excellent equipment without building more. Why not just make money off what ya got? Why spend close to a BILLION dollars to build a few rigs?

I like DO. Mark my word, they will be the one standing if the bomb hits. Plus I fully expect those New York boys to always look for ways to enhance shareholder value since they own so much.

(Just like with FGII and the CEO who owns about 50% of the company. Don't think for a minute that JL can't tell you how many shares he owns...exactly. I'll bet with JL.)

But I like RIG because the mutual funds like it.

GLM was once the institutional fave, but no more. They have a new gal now...RIG. And IF things proceed as expected, RIG will do just fine. Of course if my Aunt had b***s she would be my Uncle (couldn't resist the opportunity).

Big
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