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: SliderOnTheBlack who wrote (43164)	4/24/1999 9:10:00 AM
From: MARK BARGER	Read Replies (1) of 95453

My weekly post: My worst fear is FGI posting once again blow out numbers. Maybe $.55+ , BUT with a markedly decreased backlog. My feeling is that FGI could post any earnings number on Mon. but the market will be looking at the backlog number only. I am amazed that VRC's back log has deteriorated so markedly. There was talk by The Big One several weeks back that part of FGI's backlog was pending a loan approval or backing by a quasi-fed organization. Has this loan approval happened? Is there still some "qualification" of part of FGI's backlog. Also, Kudos to Big Dog for his "heavyweight" comments and quote in the FGI annual report. The Big One is quoted, "The company (FGI) has proven itself as being reliable, on time, on bufget, and customer oriented.... Future customers will be able to place work at FGI with confidence. This alone will be a strong factor in favor of FGI's getting more than its share of future rig work." Are the FGI shorts counting on an absolute dearth of rig building and maintenance for the rest of this year? While all the major OSX players are laying off, FGI has been hiring all the warm bodies they can find. FGI has shown no signs of backing off the past few quarters. Somehow I can't see FGI being an OSX fab. anomaly and bucking the decreasing backlog trend. I'm in this one up to my eyeballs around the 10-11 buck mark. I have been holding all along and can't wait to see what Holloway and the boys have to show us on Mon. Conf. call should be interesting on Tues. My other OSX holdings are FLC VRC WFT (in at 17!, yippe!) We may take a breather for a month or 2 but I still see us at OSX 100 within 6-9 months. Good luck to all! Mark

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