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To: SliderOnTheBlack who wrote (47616)	7/8/1999 7:50:00 PM
From: Think4Yourself	Respond to of 95453

I agree wholeheartedly that the newbuilds are, and will continue to be, an issue. The HLX acquisition was a brilliant management solution that should take care of this issue. I also agree $40 was an anomaly for the company AS IT EXISTED THEN. These were the only issues likely to have been known in December (IMO). Why did the person(s) wait until the low teenies to short? They could have made a fortune if they had recognized the anomaly early on - there were plenty of warning signs. J.L. Holloway's departure is also a reason I will not hold longer than about 16 more months. I suspect it came up as part of the power struggle that inevitably occurs, and J.L. may have been considering moving on anyways. He is staying through the merger pains, which is very good news. The company has been growing in a very intelligent fashion and is continually increasing their reputation. They are a larger, more efficient, and better known company than they were 12 months ago. They also do more than just newbuilds, and that part of the business should turn up with the rest of the industry (admittedly not nearly as big as the new builds). Lastly, I believe they still have about 2 quarters of backlog, excluding any new business they might obtain. Not bad when one considers what the industry has been through. I, still believe FGI was not a good short candidate given all the companies out there. BTW, I know you are just playing devil's advocate. :-)

To: SliderOnTheBlack who wrote (47616)	7/9/1999 4:32:00 PM
From: Evolution	Respond to of 95453

PGO performing very well lately, passing VTS in share price. The prediction you made a while back, Slider, is coming true. There's news on PGO today, but it started performing very well yesterday: Petroleum Geo-Services Wins the Varg Floating Production Contract biz.yahoo.com Abstract: Reidar Michaelsen, PGS' Chairman and Chief Executive Officer stated, "The Varg acquisition represents a confirmation of our long-term strategy to become one of the largest, most experienced and profitable operators of high technology, harsh environment FPSO's in the world. With this transaction, PGS becomes the largest FPSO operator in the North Sea area with seven FPSO operations; four of which are owned by PGS. The Varg vessel, which will be renamed Petrojarl Varg, is a new and modern FPSO and will be the only contractor-owned and operated FPSO working in Norway. The agreed price for this vessel is competitive when compared to the cost of a newbuild. PGS and its shareholders will get an immediate earnings and cash flow acceleration because this vessel is already hooked up and producing the Varg field."