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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Christopher Loe who wrote (45473)5/26/1999 10:26:00 AM
From: marc chatman  Read Replies (1) of 95453
 
Hi Chris -- almost anyone on the thread is more of an expert than I am. I was out of RIG awhile ago because of my uncertainty over how they would handle the semi-subs coming off contract. I didn't know if they would try to lock in long term contracts at low day rates or stack rigs until rates recovered. It appears they are choosing the latter.

But the immediate issue is that there appears to have been at least one big seller looking for a quick exit. Since I pretty much have a full position in the sector, I haven't been tracking the selling in RIG to try to determine whether it is over. My instinct tells me, though, that RIG is undervalued here relative to most of its peers, and that this is a buying opportunity at or near the current level.
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