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Gold/Mining/Energy : Coflexip ADR CXIPY Flexible Drilling Pipe -- Ignore unavailable to you. Want to Upgrade?

To: joelnevison who wrote (108)	1/3/2001 11:24:28 AM
From: Mel Spivak	Respond to of 110

Bullish comments from CXIPY (now @ 67 w PE of 23.5) from release of 1/2/01: Commenting on the outlook for 2001 for the subsea industry, Pierre Marie Valentin, Chairman and Chief Executive Officer of the CSO Group, stated: ``Given what we currently know of development planning in key markets, we believe that 2001 revenues for the subsea industry are likely to be up roughly 15% above 2000 revenues and could be in the range of $2.8 billion. Based on current indicators we believe that by 2002, revenues for the sector could exceed $3.2 billion, reaching levels last seen in 1998. Recent news of growth in E&P spending supports our anticipation that our sector will see strong tendering activity in 2001, auguring well for more opportunities to further build our backlog in 2001, which should result in stronger revenues and earnings in 2002 and, into 2003. Deepwater field developments are one of the most promising segments of the industry with spending on deepwater developments estimated to grow by 10% to 20% per year over the next 4 years. We are particularly well positioned to take advantage of the growth to come in deepwater areas given our rich experience and wide range of products and solutions that, throughout the life cycle of their developments, create value for our clients and ultimately our shareholders.``