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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 (53139)	10/18/1999 9:48:00 AM
From: Think4Yourself	Read Replies (2) \| Respond to of 95453

RESEARCH ALERT-Warburg cuts oilfield services NEW YORK, Oct 18 (Reuters) - Warburg Dillon Read has cut its ratings of four oilfield equipment and services companies, the company said on Monday. -- Among individual factors, Warburg cited expectations of flat oil rig demand everywhere except the Gulf of Mexico. -- Global Marine Inc. (NYSE:GLM - news) was cut to hold from buy. Delays in the construction of two new drillships, the CR Luigs and Jack Ryan, and the resulting rising costs, Global's high 71 percent debt-to-equity ratio and the probability of negative cash flow in 2000 produced the downgrade. -- R&B Falcon Corp. (NYSE:FLC - news) was cut to hold from buy due to the company's share price, the 2000 outlook for jackup and deepwater rig demand in Brazil, the North Sea, West Africa and the Gulf of Mexico and R&B Falcon's leveraged balance sheet. -- Transocean Offshore Inc. (NYSE:RIG - news) was cut to hold from buy with a 12-month price target of $32 a share after its proposed merger with Sedco Forex, with the expectation the deal will close by the end of the year. -- Diamond Offshore Drilling Corp. (NYSE:DO - news) was cut to hold from buy, with a 12-month price target of $35.