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

To: marc chatman who wrote (47122)	6/30/1999 3:16:00 PM
From: tdl4138	Read Replies (1) \| Respond to of 95453

crude 19.29

To: marc chatman who wrote (47122)	6/30/1999 3:36:00 PM
From: Maya	Read Replies (1) \| Respond to of 95453

Technical selling still pressures NYMEX gas late biz.yahoo.com

To: marc chatman who wrote (47122)	6/30/1999 5:15:00 PM
From: Houston_CPA	Read Replies (1) \| Respond to of 95453

European corporate shareholders get best tax benefit on Cayman tax home. Here's my comment: I've worked in Germany as an accountant where despite high personal income tax rates, individual shareholders take capital gains on investments tax free. Not so for corporations... there are expensive special tax problems for corporations exchanging their shares in merger & acquisition deals. Think about SLB and RIG's French, German and Norwegian corporate shareholders. The reorganization as a Cayman Islands corporation is I think more about making ready the way for a takeover without negative tax consequences to European corporations holding shares as about reducing RIG's effective corporation income tax rates. It's the tax treaties not the tax rates (in my opinion).

To: marc chatman who wrote (47122)	6/30/1999 7:42:00 PM
From: sportsman	Read Replies (1) \| 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.> Consider this: RIG will have three new drillships operating in Y2k also. One is going online now, a second in the first quarter of 2000 and the third will be online in the third quarter of 2000. I have read that the cumulative dayrate for these 3 new drillships is around $600K. Add this to the tax saving and we are only going to earn $1.50??? RIG management must be expecting disastrous dayrates for the rigs coming off contract, unless I am missing something??? Sportsman