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To: IndioBlues who wrote (49471)	8/18/1999 3:39:00 PM
From: Aggie	Read Replies (2) \| Respond to of 95453

IndioBlues, hello. Good old R&B: Trumpet the news when it's good, Tight Hole everybody when it ain't. Not to be too pessimistic - I own a few of these shares myself - but is anybody else interested in what happened to that 1+ billion dollars in debt that they just took on a few months ago? Did the debt evaporate when we weren't looking? Yes, it's good to have leverage in an expanding market, but my opinion is that R&B-F's leverage is a deep hole - and it will be some time before they crawl out of it. In the meantime, I'm long on the R&B I own, and medium-long on RIG and DO, who I feel will rebound more significantly because of their low debt profile. Regards and Good Luck to All, Aggie

To: IndioBlues who wrote (49471)	8/18/1999 3:54:00 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

Indio Nice well-balanced piece by Mavis. As she said, the jury is still out on FLC and results, not words, are really needed. Too many fires, seizures, financing problems and cost overruns. FLC sometimes reminds me of a .240 hitter that everyone thinks has the potential to hit .300 every year. The thing that bothers me most about FLC is their really crappy utilization rates vis-a-vis their peers. Look at these figures from the GOM compared to ESV or GLM oceandril.com So they cold-stack a bunch of rigs. Big deal. Short-term savings but could be short-sighted. Those mothballed rigs will probably be used very late in the cycle, if at all, since the ample supply of ready stacks will probably be rented first. I'll probably be back in on weakness but sometimes it seems like FLC can't get out of its own way. JMO. John