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To: Jon Cave who wrote (47103)	6/30/1999 12:46:00 PM
From: Peter V	Respond to of 95453

RIG still holding a point gain despite the news, oil price is keeping it afloat.

To: Jon Cave who wrote (47103)	6/30/1999 3:12:00 PM
From: marc chatman	Read Replies (4) \| Respond to of 95453

The RIG earnings decline is even more pronounced if we consider the savings which should be generated by the change in tax venue. Does that matter? Well, it could matter if we consider RIG to be a takeover target. My understanding (correct me anyone if I'm wrong) is that if a company like SLB acquires RIG, SLB would have to consolidate RIG's earnings for tax purposes -- regardless of RIG's legal domicile. And I have one other thought. Does anyone know when SLB is rumored to have become interested in RIG? Big Dog? I would think that if RIG had been in serious discussions with SLB, RIG would not have gone through with the change in its legal venue. Perhaps SLB's interest in RIG, if it exists, began after RIG's change. Just thinking out loud.