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: Big Dog who wrote (35601)	1/21/1999 9:06:00 PM
From: marc chatman	Read Replies (2) of 95453

Thanks for the update on the possible projects at FGI, Big Dog. My simplistic understanding of the history of this business is that following the last major depression in drilling and oil service, the drillers for years were reluctant to build new rigs. I suppose that is confirmed by the numbers which I believe you and some others have cited regarding the significant decline in the number of drilling rigs in the last 15 years. Perhaps big time investors believe something similar will result from this downturn and are reluctant to bid up the fabs. Or, perhaps, the money is chasing a few high profile names in OS -- SLB, HAL, RIG, RON, etc. -- just as it has chased (at least initially) the high profile names in tech. After all, FGI isn't the only OS company which has been stagnant on recent up days. I have no guess as to the reason for the high short interest figure. As far as I know, FGI hasn't issued any convertibles which could be hedged by short positions. EDIT: Crude is really cooking after hours, as is heating oil and gasoline.

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