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: tdl4138 who wrote (45027)	5/19/1999 5:55:00 PM
From: Brent Hogenson	Read Replies (3) of 95453

FLC had 545 million in cash on 3/31/99. They have enough $$$'s to float them till the end of the year. FLC has the largest fleet of both shallow and deep water rigs. They also have the largest amount of idle capacity waiting for the gas drilling to begin. Steven Webster (FLC's CEO) publicly stated that FLC could earn $4 per share in a "normal market". During the last Conference Call, the CFO stated that EBITDA would be 2 billion in a normal market and 2.5 billion in a market like 1997. Do the math, they could pay their debt off in about 18 months. FLC has the most upside potential percentage wise of all the drillers. IMO things should start getting real interesting around mid July for oil and around September for gas.

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