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To: Gary Burton who wrote (54463)	11/11/1999 10:54:00 AM
From: gpphantom	Respond to of 95453

Latest MDR cash looks to be approx $0.93 /shr.

To: Gary Burton who wrote (54463)	11/11/1999 11:06:00 AM
From: Think4Yourself	Respond to of 95453

It is my understanding that MDR makes the very expensive scrubbers used in smokestacks. With the massive litigation by the EPA against the utility companies for polluting, many are likely to retrofit their coal plants. This is what the EPA is essentially trying to force anyways. Into MDR up to my knees now. So much for all those profits I took this week. Pretty much tied up now.

To: Gary Burton who wrote (54463)	11/11/1999 11:16:00 AM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

MDR cash... sorry - JRM was cash purchase - . The acquisition of the minority interest in J. Ray McDermott used cash of $526.6 million I have my MDR info saved on my original MDR link; showing the cash per share - prior to the JRM acquisition - a mental block... but; my point is that their backlog and balance sheet is solid as a rock. Bottomline - this is what makes JRM different than their peer bretheren: <<Tetrault said the company is encouraged by growth in backlog for the second consecutive quarter. The backlog at September 30, 1999 stood at $3.0 billion compared with $2.8 billion at the end of June and $2.6 billion at the end of March. The improvement from March to September was primarily the result of increased bookings in the power generation and marine construction segments. Tetrault noted the growth in the power generation backlog came from new bookings in both service and original equipment markets. >> Diversification into not just the core Marine Construction niche - but, also into the power generation sector. Someone made some comments earlier about the growth potential here given the changes & legislation in the utility sector... That Offshore Report that was on the newswires yesterday; may have been a catalyst for CXIPY & SCSWF_SCSAY's nice pops yesterday. There will be some offshore construction upside surprises in 2000; I just think it will be for the MDR GLBL OII CDIS's of the world and not say FGH... Saying MDR is going to stay here is like saying the Plumbers, Electricians & Excavators in the Home Construction bizz will never see work again... some peaks & valleys - sure; but the backbone of the "bread & butter" construction business is not going away - there can be no BOOM 2000 without MDR & GLBL doing well and at historic lows of valuation metric multiples; let alone near an actual alltime low shareprice-wise; MDR is a gift for the patient. It will not be a breakout stock like SII, or CAM; but will be a back & fill Institutional fav' once the OSX starts edging near prior resistance. ... now this is also where I separate FGH from these 2; there CAN be a Boom 2000 without any new $200M offshore rigs built - because there is an entire fleet of cold stacked offshore rigs right now... the excess capacity can be absorbed for quite some time.. This is not the case with GLBL , or MDR. Those Indonesian Gas projects need MDR - and as that old issue is now resolved; this is a gift... GaryB; this is one place where we respectfully disagree on the historic charts. MDR is not the same company as it was in 1991 etc... I have no problem here at $15-$16 loading the boat. $28 a couple of months ago; this has a pattern of turning & running back to $28-$30. The Indonesian debacle is now old news and was the main catalyst for the selloff from $28 - which then accelerated into the sectorwide selloff. MDR is a solid play from any angle of analysis; balance sheet, niche diversification, backlog, fundamental valuations... Marine construction backlog was $610.0 million at the end of September, compared with $407.2 million at the end of March 1999. Backlog in the power generation segment grew to $1.3 billion at the end of September compared with $905.0 million at March 1999. The improvement was the result of new bookings in both the service and original equipment markets. Government operations backlog was $758.4 million at the end of September compared with $861.0 million at the end of March 1999 Backlog in industrial operations was $321.8 million compared with $400.6 million at the end of March 1999. The lower backlog reflects a decline primarily in engineering and construction operations. Margins & pricing power allways get hit in downturns and allways turn up in sector recoveries; MDR is now at a historically cheap valution multiple; right at the crux or a sector recovery... if not now, when ? ... at the fact that these one day 15% blow offs have been nice trades of late; and I am not hesitating.