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

To: SargeK who wrote (58838)	1/21/2000 9:36:00 AM
From: Ken Robbins	Read Replies (1) \| Respond to of 95453

CNBC just reported that DLJ thinks TDW is building too many new boats.

To: SargeK who wrote (58838)	1/21/2000 12:08:00 PM
From: SargeK	Read Replies (4) \| Respond to of 95453

Interview with FGH/IR Following is a gist of the conversation with Mr Hastings: Q - I realize Tidewater has its own shipyard; but, do you anticipate that FGH may benefit from there new build program? A - Tidewaters shipyard is used primarily for maintenance and repair of their large fleet of vessels. Halter has probably built better than half of that fleet. The type vessels they desire are of the type FGH is equipped to build and we expect to be extremely competitive in bidding for that business. We are in a great position to provide them with what they need and to fulfill their building program. We are building a vessel for them now in the China shipyard under a contract of about a year ago. Q - Regarding backlog, the last time we spoke you indicated it was premature to call current activity a ?turn around? (the point where new orders are being received faster than old back log is being worked off). In view of the recently announced contracts of $199 million and the additional $43 million accruing from the Ocean Rig dispute; have you arrived at the point of calling it a turn-around? A - We are rapidly reaching an equilibrium on backlog. Q - You recently announced you would be taking 4th quarter charges. In view of the ?settlement?, how will this be affected and also, your feeling on the present quarter? A - The charges will be reduced; but, to what extent, we are still working through. Merger costs and associated expenses of moving, consolidating and integrating the businesses will be charged against 4Q. With so much going on, it is too early too speculate on the current quarter. Q - The last time we spoke, you indicated work force reductions were being accommodated primarily through attrition and the use of Contract Labor. There have been recent reports of additional lay offs. What?s going on? A - There have been additional lay offs due to the contract disputes. We are currently hiring some of them back and are assessing our manpower needs consistent with the settlement and with general business requirements. Q - How is the (merger)integration process progressing? A - As planned. Rather smoothly. Comments: My general feeling is that the Company under the strong leadership of Mr Holloway and his dynamic managment team are taking a more agressive, pro-active approach and are prepared for a increasingly more favorable market environment while at the same time identifying non-core assets for divestiture to streamline operations and raise additional cash. SargeK