Global Santa Fe (GSF) (formerly Global Marine) Message Board

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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)

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To: j_fir2 who wrote (1038)	12/10/1998 2:03:00 AM
From: hdr	Read Replies (1) of 2282

The price that would or could be paid if GLM was a buyout candidate has nothing to do with the market capitalization. We have to look at the number of contracts, age of rigs, type of rigs (deep or shallow, etc.), cash on hand and debt among other things. Unfortunately the cash and debt to equity do not look that good. Their book value of assets, ie. rigs, is relatively modern and of value unlike other companies. And they do have contracts for the future. At our level of knowledge I don't think anyone can reasonably speculate what there per share value might be. IMHO I think it would be at least mid teens or higher, but I do not know how to devalue the 750mill long term debt. hdr

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