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

To: Think4Yourself who wrote (64185)	4/10/2000 2:59:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

I really don't...I'm an offshore guy. But more rigs working can't be bad. More from Dain: The increase in drilling activity in the Norwegian sector of the North Sea has been so dramatic that in a period of six months, Norway has gone from flirting with four-year lows in drilling activity to reaching an all-time high of 24 working rigs in the month of March. This is significant and could translate into earnings surprises in the March and June quarters for services companies with more than a fair amount of exposure to the North Sea. During the past year, we have rarely seen so many positive developments in the oil patch converge in one week. If anything, it may be a sign that the current cyclical recovery, which to this point has been isolated to North America, is now going global. The industry has maintained for several quarters (and we have concurred) that the turn in international activity levels would occur in the second half of 2000. We continue to focus on more domestically leveraged names, but we are gradually warming up to companies with more extensive international exposure. Just this week we upgraded Nabors Industries to Strong-Buy Average on the premise that Nabors is the land drilling play with the most international exposure and consequently the greatest fundamental upside. Our North American focus names continue to be ((BJ Services Company (NYSE: BJS; SB-Agg; $63.56) ))and ((UTI Energy Corporation (NYSE: UTI; SB-Agg; $) )). We believe ((Nabors Industries, Inc. (NYSE: NBR; SB-Avg; $36.81) ))and ((Pride International, Inc. (NYSE: PDE; SB- Agg; $24.25) ))are strong plays on improving drilling activity in Latin America, and ((Santa Fe International Corporation (NYSE: SDC; SB-Agg; $34.25) ))is a good play on improving activity levels in the North Sea and the Middle East, in our view. We believe ((Cooper Cameron Corporation (NYSE: CAM; B- Spec; $65.00) ))is the best way to play improving drilling and production activity in deepwater markets worldwide.