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

To: SargeK who wrote (63984)	4/6/2000 2:20:00 PM
From: SargeK	Respond to of 95453

FGH Backlog One other interesting observation was that comparable backlog actually increased in the 4th quarter. FGH 4Q/99 backlog was reported as 689.1 million (including the elimination of the $143.5 million Millenium S.A.) By adjusting 3Q/99 backlog of $731.5 million by the SAME $143.5 million, the quarter's backlog in hindsight was $588.0 million. The actual increase in backlog between quarters was $101.1 million. Since the end of 4Q/99, $199.0 million in new contracts and $43.0 million (revised Ocean Rig contracts) was added in Jan and an additional $40.0 in new business was announced this week. With all the losses accounted for (subject to recapture) and backlog growing during the early stages of this segments recover, and with delivery dates extended for the problem contracts, I find encouraging! FWIW BOTTOM LINE: Downside risk at this juncture has been considerably reduced and the upside potential just keeps improving.