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: BigBull who wrote (42035)	4/11/1999 8:38:00 PM
From: Linkdog	Read Replies (3) of 95453

Bigbull, although oh so early in this game your numbers would seem to lend some significance to the laddering thoery posed on the bosrd last week. I for one will stay in the smaller caps/leveraged palys for the duration. On another note, I for one (not hyping here just expressing an opinion) would not at all be surprised to see a suitor come a calling on FLC. The fastest way to de-lever a company with such high debt ratios is to marry up with a company of equal or larger size with very low debt ratios. The larger compnay would get FLCs assets at a low point in the cycle - and my understanding is that these assets will be "best of class" especially deepwater as they continue to come on line. All this in addition to the very substantial shallow water assets. Why shouldn't one of the leaders go after the assets now. Billion dollar financing is in place, market looks to turn, a substantial amount of risk of consturcting the deepwater fleet has been erarsed -- why not create an undisputed mega-driller. Any thoughts?

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