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

To: Roebear who wrote (53960)	11/3/1999 11:33:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

IEA - "the usual suspect". Here we go again. WorldOil, November issue After peaking above $25 per bbl on the NYMEX early last month, crude prices plummeted only a few days later to $20.90, registering the largest single-day loss since the end of the Persian Gulf War. The turnaround was prompted by speculation that Iraq, Iran and some other OPEC members had boosted their crude output in September. Also causing concern was a report from the "usual suspect," the International Energy Agency (IEA), which said global supplies are increasing while wealthy nations are consuming less oil than expected. In its October report, IEA asks, "Where's the stockdraw?" which sounds suspiciously similar to their search for the missing barrels late last year when their supply figures vastly exceeded consumption and storage volumes. This time around, IEA is wondering aloud why, with growing world demand and tightened supplies, OECD stocks haven't fallen significantly in the third quarter. IEA says "despite a current third quarter global demand and supply balance that implies an estimated 1.2 million bpd stockdraw, OECD stocks appear to have risen in the third quarter, due in part to upward revisions for July." However, what is probably happening is that IEA simply collected its regular set of raw numbers and plugged them into their supply / demand model without checking to see if the raw numbers made sense in the first place. IEA has certainly been suspected of doing this, as was discussed in this publication earlier (see June 1999 issue). According to a Reuters report, other industry analysts are challenging the IEA report, "calling it puzzling and inconsistent." Peter Hitchens of London brokerage firm Williams De Broe said, "IEA's finding on oil inventories was a "glaring error?" and noted that alternative surveys showed decreases in oil stockpiles in the U.S., Europe and Japan. The IEA is not alone when it comes to suspect statistics, however. An outfit called the Oil Price Information Service (OPIS) recently surveyed 250 oil company executives with crude supply responsibilities, and survey results indicated that a majority of these folks have "lost some confidence in API and DOE oil supply data." Reasons for the lack of confidence included inconsistent data and widespread revisions." Isn't a shame that a commodity as pervasive and important as oil is being priced based upon numbers obtained through guesses, lies and downright fabrication? Well, it may get worse--OPIS says its survey also suggests that the current cash petroleum markets, which now trade as they have for ten years, are headed for an electronic trading platform within the next three years. worldoil.com

To: Roebear who wrote (53960)	11/4/1999 6:17:00 AM
From: SargeK	Read Replies (1) \| Respond to of 95453

Friede Goldman and Halter Marine Trading Under New Symbol FGH “Wednesday November 3, 1:03 pm Eastern Time Company Press Release Friede Goldman International and Halter Marine Group Complete Merger Friede Goldman Halter is World Leader in Design and Manufacture of Equipment for Maritime and Offshore Energy Industries JACKSON and GULFPORT, Miss.--(BUSINESS WIRE)--Nov. 3, 1999-- Friede Goldman International Inc. (NYSE:FGI - news) and Halter Marine Group, Inc. (AMEX:HLX - news) today announced that the two companies have completed their previously announced merger and the name of the combined company is now Friede Goldman Halter, Inc. The company will begin trading on the New York Stock Exchange under the new symbol ''FGH'' starting on November 4. ''We are extremely pleased to have completed this merger,'' said J. L. Holloway, chairman and chief executive officer of Friede Goldman Halter. ''The several months of merger integration activities have highlighted the obvious synergies that this merger will produce for our customers and our shareholders. Our strategy has been agreed upon and management is committed to executing that plan as quickly as possible.'' Actions slated for completion prior to year-end 1999 include:  Close Friede's corporate offices in Jackson and combine management personnel at Halter's existing corporate headquarters in Gulfport.  Close TDI-Halter's Houston sales office and consolidate all marketing and development activities related to the offshore energy industry at Friede's Houston office.  Evaluate the profitability and efficiency of all production facilities, and identify facilities for sale, closure or reallocation of use.  Implement administrative and employee benefit programs and work policies that reflect best practices of each of the Friede and Halter organizations.  Implement a shared services organization that will provide enhanced corporate services at a lower overall cost. ''Over the longer term, we anticipate achieving significant savings through the implementation of a company-wide strategic sourcing program for the purchase of parts and materials, as well as through the successful integration of our complementary offshore and engineered products businesses,'' Holloway said. ''With market conditions in the important offshore energy business steadily improving, we intend to provide greater value than ever before to our customers and maintain and build market share.'' The merger received shareholder approvals on October 28 and was completed after finalizing a new credit facility with a group of banks led by Wells Fargo and Bank One. Under the terms of the merger agreement, Halter shareholders will exchange each Halter share for 0.57 of a share of Friede Goldman International common stock. The exchange of shares is a tax-free transaction for former Halter Marine Group shareholders. Cash will be paid in lieu of a fractional share. Registered holders of Halter Marine Group shares will receive stock transfer materials, including a letter of transmittal, in the near future. Stockholders who hold their shares in ''street name'' through a broker will have their shares exchanged automatically. Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment), Halter Marine (construction and repair of ocean-going vessels for commercial and governmental markets), FGH Engineered Products Group (design and manufacture of cranes, winches, mooring systems and marine deck equipment), and Friede & Goldman Ltd. (naval architecture and marine engineering). The statements contained in this press release that are not historical in nature are forward-looking statements. The forward-looking statements contained here-in are based on current expectations and are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. These factors include, without limitation, those disclosed in the Form S-4 and other filings with the Securities and Exchange Commission for Friede Goldman International and Halter Marine Group.” biz.yahoo.com