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: Brent Hogenson who wrote (45212)	5/21/1999 12:50:00 PM
From: Howard Frederick	Read Replies (1) of 95453

/// If FLC is risky at 10, how risky is ESV at 18. FLC jackup fleet is larger than ESV's yet hasn't run up anywhere near ESV. If you compare the companies, FLC is undervalued. /// There is one big difference between ESV and FLC. If the recovery in dayrates is pushed back a year or two (say due to a US recession) ESV can weather the storm intact. They pretty much have cash on hand to pay off their debt. FLC would have to dip back into the capital markets, and there is a limit to how much more they can get. Correct me if I'm wrong, but haven't they have pretty much pledged all their assets as collateral against loans already?

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