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

To: BigBull who wrote (73917)	9/20/2000 10:03:33 AM
From: Tomas	Respond to of 95453

A crude attempt at price stability. "What about just getting rid of the SPR?" Financial Post, September 20 nationalpost.com

To: BigBull who wrote (73917)	9/20/2000 10:06:24 AM
From: Big Dog	Read Replies (2) \| Respond to of 95453

Boom 2000 - alive and well with "Boom II - The Crisis" lurking around the corner. It's hard to not have the 'pay backs are hell' attitude vis a vis those who continually try to bad mouth, crush and repress the oil industry. At least this time the govt culprits are taking some of the heat...at least in Europe. Thanks for that link to MaritimeDirect. It's an excellent site. I am working with OneOffshore oneoffshore.com (placeholder site) to create the ultimate killer offshore web portal...you guys will love it! MaritimeDirect gave me a few ideas. Here is a report from DRW this morning on SDC, a long time Doggy Dog fave. SDC:Strong Buy-Avg Risk;HIGHLIGHTS FROM THE DRW ENERGY CONFERENCE: SANTA FE INTERNATIONAL * Santa Fe International Corporation (SDC) reiterated that international offshore drilling markets continue to improve steadily. Three-hundred foot water-depth capable jack-up utilization in the North Sea, Southeast Asia, Africa and the Mediterranean has in recent months met or exceeded the 85%-90% threshold, generally observed in conjunction with significant improvement in dayrates. Of the world's major jack-up markets, only the Middle East continues to lag. * Dayrate ranges on 300 foot jack-ups deployed internationally have improved, although at a lesser rate than in the Gulf of Mexico. The most dramatic increases have been observed in Africa, with recent dayrate fixtures averaging $35,000-$55,000, compared to $25,000-$40,000 previously; and in Southeast Asia with recent average dayrates of approximately $25,000-$40,000, compared to approximately $25,000-$28,000 previously. * With 6 of the industry's 18 heavy-duty harsh-environment jack-ups, SDC has been a perennial market leader in the challenging North Sea and eastern Canada markets. Although there are currently two additional HDHE jack-ups under construction, the unique, specialized nature of this market segment should permit continued growth of SDC's revenue and operating margins as the cycle progresses. This HDHE segment of the SDC fleet should continue to provide a revenue and margin base as the contribution of the rest of its fleet gradually improves. * Nearly 50% of SDC's 17 premium and standard jack-up fleet currently have contract durations of six months or less, permitting significant leverage to anticipated increases in dayrates in key regions. * SDC continues to have a strong balance sheet with no debt. This, combined with a continually increasing cash position, provides the company with options for investment in a number of growth opportunities. Indeed, SDC is actively bidding on a newbuild semisubmersible opportunity for the Caspian region. Other possibilities for growth include a significant expansion of its land-drilling fleet or a foray into the deepwater play in the form of a rig built to a satisfactory initial contract.Stock Opinion We recommend SDC shares Strong Buy-Average as international jack-up markets continue to recover. Our 12-month price target of $44 is based on applying the historical industry multiple of 16x to our peak earnings estimate of $3.71, which has been discounted at 15%. Company Description Santa Fe International Corporation owns and operates 27 international jack-up rigs, including 3 semisubmersibles; and a fleet of 33 land rigs. The company also operates an additional 12 joint venture or client rigs and has operations in Asia, the Mediterranean, Canada, South America, North Sea, Middle East, and Africa.

To: BigBull who wrote (73917)	9/20/2000 11:55:51 AM
From: isopatch	Read Replies (2) \| Respond to of 95453

"If you build it he will come"<G>. Remember senior a month or so ago you were asking if there were any "wavers" out there who liked the patch and wanted to post? Man you gotta be careful what you wish for, LOL! The best days are yet to come for this thread! D.W. has an unmatched record in making the big calls in almost every market of any importance. Can remember some really great back and forth between Don and the late Ed Hard on the old FNN back in the 80s! One time he even showed up with an actual crystal ball, lol. And now he's logged onto "DE MAVEN HAVEN" for oily folks on the web. He's got the big picture nailed and we've got the stock picks. Man, that beats the Superior/Cardinal merger! And a MB SL 600. Outrageous. I love it<g>. Life is good. Iso-manski