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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (45096)5/20/1999 11:43:00 AM
From: Gary Burton  Read Replies (3) of 95453
 
DLJ on deepwater---newbuilds are competing against older rigs.As a consequence,RIG recently contracted a couple of semis at rates that represent new lows for their classes...continue to avoid deepwater companies.Instead focus on shallow water and land...4th generation rates headed much lower...reducing eps estimates for DO and RIG 'substantially'(to what?) and for FLC 'modestly'-for FLC, shallow water rebound could easily overshadow weak deepwater rates
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