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: VLAD who wrote (38402)	2/26/1999 2:50:00 PM
From: dfloydr	Read Replies (1) of 95453

Re: FLC CCall: <<they planned on raising the rest of the needed cash through their bankers using the actual rigs being built and their drilling contracts as collateral>> Exactly right. The sound was terrible, but even through the warbling volume I sensed that the FLC execs are pretty convinced they will be able to finance as planned. They then discussed all the other options open to them ... selling non performing assets, other kinds of financing, etc.. None of their statements suggested they would have to go that route. Most of the new rigs are on contracts which result in ... I think they said ... near full payback. Unless the whole rig is junk in three years time, there should be room for financing.

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