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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 (57645)	12/30/1999 5:28:00 PM
From: Razorbak	Respond to of 95453

"Noble Drilling to take $8 million charge" By Lisa Sanders, CBS MarketWatch Last Update: 4:26 PM ET Dec 30, 1999 NewsWatch HOUSTON (CBS.MW) -- Noble Drilling announced Thursday it would take an $8 million charge in the fourth quarter, in a move that is expected to save the company $2 million a year. The non-recurring cash charge is related to the consolidation of its Gulf Coast Marine division office in Louisiana, which will be moved to Houston, said Clay Brethour, an analyst covering Noble for Dain Rauscher Wessels. As part of the consolidation, Noble offered some of its employees early retirement packages and relocated others. Noble is also moving its Triton Engineering Services business to the central Houston office. The moves along with the employee compensations will cost a total of $8 million. Noble (NE: news, msgs) dropped 1 5/16 to close at 31 9/16, which Brethour said was unrelated to the announcement. He noted that the drilling group has been down anywhere from 3 percent to 5 percent recently. Noble's announcement "is not a surprise," Brethour told CBS.MarketWatch.com. "It's a good move any time you can have some type of savings. Noble has always been on top of its cost flow so that they can have the best returns for shareholders." A First Call survey of 28 analysts estimates Noble's fourth quarter earnings to be 15 cents per share. In a statement, Day said that the consolidations are part of the company's ongoing effort to improve operations. See press release. Lisa Sanders is an online reporter for CBS MarketWatch. cbs.marketwatch.com

To: marc chatman who wrote (57645)	12/30/1999 9:38:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

I don't know whether this has been discussed, but does anyone have a clue regarding what will happen to the OSX as a result of the SLB/RIG deal? Since SLB should drop several points upon spinning off Sedco Forex tomorrow, that would take down the OSX by a measurable increment (don't ask me what that is), unless there is some re-weighting of the index. SLB constitutes about 13% of the OSX. RIG, I believe, is now about 7% of the index. Also, if SLB drops, say, 5 points (to pick a number at random), I'd guess there would be some spillover onto the other OS companies.