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

To: SliderOnTheBlack who wrote (51271)	9/16/1999 12:58:00 PM
From: IndioBlues	Read Replies (1) \| Respond to of 95453

One last FGI 10-Q (August 16, 1999) tidbit for those wondering where work is going to come from near term ... Anyone want to bet whether this hull evolves into some driller's order for a state of the art semi? <vbg> "At June 30, 1999, the Company had invested approximately $12.8 million in an unconsolidated subsidiary ("Ilion LLC") in which the Company currently owns a 50% equity interest. The Company's ownership interest in Ilion LLC is expected to be reduced to 30%. Ilion LLC owns a hull for a semi-submersible drilling rig that requires substantial completion and outfitting. The Company and the other member of Ilion LLC (who is also a significant customer of the Company) are considering various options for formal arrangements related to the hull,including financing of the completion, securing a contract for utilization or sale of the rig, or other options. The Company's investment in Ilion LLC was financed through cash flow from operations. Other than the initial purchase of the drilling rig hull Ilion LLC has had no significant activity as of March 31, 1998. The Company's investment in Ilion LLC is accounted for using the equity method."