Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Razorbak who wrote (48370)	7/23/1999 7:24:00 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

< Falcon Peregrine III Seizure... give me a leeettle credit?> Razor; lean on FLC - get that short parade marching & get it down to about $7 1/2 - so I can comfortably buy some call's & then we'll give you all the credit !!! John C; Earnings estimates were taken down late in the quarter; imho, all these companies did was to accurately guide the analysts... with these PE ratio's here - these are no longer value plays in many cases. As crude has no fundamental short term drivers to take it measureably higher; I think it has seen a top here. With a vacumn of good fundamental news (ie: rig counts, dayrates, earnings, new orders etc) I think that vacumn will be filled will bad news; at least the negative spin we've been seeing of late on everything from OPEC compliance having ''peaked'', to the leaks of Nigeria & Venezeula pushing for higher production etc... Could be a slow 45-60 days here... the Honorable George C. Cole aside (VBG) - my money is still on OSX 66-68ish as a bottom here. I still see OSX 100 by the end of Q1 2000 & OSX 120 by the end of Q2 2000 - so a double in the next 12 mos. sectorwide... the recovery is here - just taking a little longer than people thought for the major Oils to open their pursestrings... fwiw; on any retracement in CRK, HSE, OEI, XTO, or UPR here - I'll be 100%+ invested and even using margin if these E&P's correct another 10-15% ish here... the fundamental drivers for the nat gas weighted small & mid caps are stronggggggggggggg. I see a double in CRK & 30-60% runs potentially by year end in HSE, OEI, XTO, UPR & MEXP... my E&P favs. I still do not see any overly compelling driller/service plays that match the risk/reward fundamental metrics of the E&P's. Only FLC on a real blow off... I'd love to pick up some cheeeeep $7 1/2 calls...

To: Razorbak who wrote (48370)	7/25/1999 1:33:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

Razorbak, Will the turkeys vote for Christmas? Probably not in the North Sea: news.bbc.co.uk The beginning of the end of $7.00 North Sea production costs? Methinks maybe so. news.bbc.co.uk Do that piggy shuffle baby! <GGGGGGGGGGGGGGGGGGGGGGGGGGGGG> Bull

To: Razorbak who wrote (48370)	7/27/1999 10:25:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Light at end of drilling tunnel - Transocean, R&B Falcon. From Aberdeen Press & Journal, July 27 CONTRACTS for new, deepwater drilling tonnage helped buoy up Transocean Offshore's second-quarter performance in an otherwise gloomy marketplace. However, one of its competitors - R&B Falcon - was less fortunate and racked up losses. At Transocean, six of the company's rigs - three semi-submersibles and three jack-ups - are currently idle, though the John Shaw is expected to return to work in the North Sea next month for about 75 days. Transocean chairman Michael Talbert warned yesterday that, while there has been a sharp improvement in oil prices of late, this had yet to feed through in terms of more business for rig contractors. As expected, rig charter rates had fallen. At Transocean, the daily average for 1999 second quarter was $128,000 versus $132,000 for the same period last year. "The favourable comparison with 1998 is due primarily to the commencement of contracts signed on several high-specification rigs prior to the onset of weakening market conditions," said Mr Talbert."The present business climate is expected to prevail through at least the balance of 1999." Net income for the three months to June 30 was $56.4million on $235.6million, against $69.7million on $251.6million for the same period last year. First-half net income totalled $141.6million on $541.9million compared with 1998 first-half figures showing $147.2million on $509.9million. Transocean is currently in the throes of a "merger of equals" with Schlumberger Sedco Forex to create a $3billion drilling giant employing about 7.500 worldwide, of which around 1,000 are UK-based, working mostly out of Aberdeen. Transocean has a fleet of 31 rigs, including five semi-submersibles in the UK sector. Sedco Forex has 44 rigs, with nine semis based in the North Sea. As for R&B Falcon, it has reported a $14.2million loss from continuing operations, compared with an income of $59.9million for the three months to June 30 last year. The figures included a $22million extraordinary loss relating to the early payment of debt. Operating income for the quarter was $8.9million on $226.5 million revenues, compared to operating income for the same quarter last time of $111.1million on revenues of $281.1million. Six-month operating income was $41.6million on revenues of $470.3million, compared to $227.9million on revenues of $560.4million before. R&B Falcon chairman Paul B. Loyd jun said: "The reported loss this quarter is in line with our expectations given the current depressed market for drilling services. Notwithstanding our loss for the quarter, we did produce positive operating income and we continued to build cash compared to the previous quarter. "We currently have approximately $681.3million of cash and marketable securities and can well withstand any continued weakness in the sector. However, current commodity pricing has improved which we believe should ultimately lead to a robust recovery in the sector, most likely in the year 2000." pressandjournal.co.uk