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: Think4Yourself who wrote (39100)	3/6/1999 1:56:00 PM
From: Gary Burton	Read Replies (2) of 95453

KL--This quesion has probably been answered before but what % of FGI's earnings in late 1998 came from 'maintenance/repairs/upgrading' vs newbuilds? Bob Bowker seems to be of the view that that ratio was actually rather 'small'......in a nutshell, I quite agree that if opec cuts more and if oil and gas prices rebound and stay there etc that evrything will be ok and FGI will keep sending money to the vault. That's more or less obvious. But what bothers me is that will mean that the FGI's of the world will have escaped completely from any damage to their bottom line..and THAT doesn't seem logical to me in a cyclical industry. maybe it means "well I guess oil and gas prices aren't going to rebound enough and stay there since we haven't nailed FGI yet" In a cyclical industry normally there is a 'take no prisoners' condition precedent for a true recovery. my 2c

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