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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (36805)2/5/1999 2:05:00 PM
From: SargeK  Read Replies (2) of 95453
 
Ken,

GIFI Conference Call

This mornings' conference call revealed no news regarding the Petronius module. Responding to questions from two analysts, Mr. Chauvin/Pres.CEO stated the Company does not comment on specific projects. He indicated 1Q/99 will be a rough quarter but that some of the backlog (suprisingly good to the analysts) is moving into production and he expected a pick up in Feb and Mar. He indicated deep water activity has held up reasonably well unlike inland and shallow water activity. The company presently has no debt and approximately $2.8million cash. They expect to spend approx $4.mil in capital expenditures this year, focusing primarily on cost cutting equipment and efficiencies. They have recently completed a facility for indoor painting which allows them to paint 24 hours a day regardless of inclement weather. Profit margins have benefitted from lower steel costs and recent cost cutting efficiencies. At present the company is focusing on W.Africa where activity is rather robust in contrast to other areas. He expects GOM activity to pick up later this year especially in natural gas drilling.

I am encouraged by what I learned and believe this to be the BEST BET in the Oil Service Sector.

K
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