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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (12524)	8/26/2002 7:07:00 PM
From: aerosappy	Read Replies (1) \| Respond to of 206114

PeeeeGoooooooo_jim, <<Next comes the new CEO who will further restructure the company to reduce costs. With over 5000 employees and offices around the world, there is lots that can be done to reduce operating costs. My guess is once the results begin to show up in the financials, you have a 5-8.00 stock sometime in 2003.>> Your analysis is on the mark. Do you think that part of the new CEO's restructuring may also include the sale of PGO's seismic business to VTS -- perhaps for 20 million shares of VTS???? VTS was willing to issue 40 million shares a few months ago, and following such a merger VTS would have been saddled with the FPSO assets and debt. VTS buying the PGO seismic operations alone will help rationalize the industry, and allow Umoe to focus on what it knows best -- shipping -- with the remaining PGO business. Of course, this assumes the successful sale of Atlantis.

To: jim_p who wrote (12524)	8/26/2002 11:16:07 PM
From: Sharp_End_Of_Drill	Respond to of 206114

Jim, I can't disagree with anything you've said on PGO. In this day & age of financial bookcooking companies can seem solvent right up to the point where they croak. In the US the big problem seemed to be off balance sheet financing & shifting debt to joint ventures & puppet companies. Who can say how much of their true debt is included in the $2.4 billion. We don't really know, but we do know companies that are healthy don't have this happen to them. The one thing that gives me the most hope is the clued-in Norwegian buying the common stock. If a raider wanted the company they could possibly buy the debt and force a bankruptcy. If a large portion is bank debt rather than bonds, then that is less of a concern. I think banks would rather see a decent restructuring. Somebody who likely has an inside track on the company buying the common is very positive. I've got 28,500 shares at a basis of 0.57, so I'll pulling with you - just trying to keep a healthy level of skepticism. Sharp