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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Fitz who wrote (46430)	6/15/1999 7:48:00 AM
From: Aggie	Respond to of 95453

Fitz, hello, Tidewater is buying up some of Hvide's "Seabulk" fleet and newbuilds: biz.yahoo.com biz.yahoo.com Tidewater is another of those well-run companies with a working-man's philosophy: "Not Pretty, Maybe, But Paid For". Their fleet is older but in generally very good shape. Like Greywolf, Nabors, and Diamond Offshore, they have elected to defer indulging in new-build speculation, and would rather do their shopping at the fire sales. This philosophy paid off handsomely in the last cycle, and it is paying off now. In the land rig market now, you have companies like Nabors buying up modern rigs for pennies on the dollar. I had occasion to use Tidewater's services a few months ago, and their management told me then that, rather than embark on expensive survey / re-certification programs for their vessels approaching 25 years old, they would instead mothball them until the next uptick and preserve their buying capital. Looks like it's paying off; they've just been upgraded a week ago: biz.yahoo.com Regards and Good Luck to All, Aggie