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

To: Alias Shrugged who wrote (2452)	10/25/1997 11:42:00 AM
From: drsvelte	Respond to of 95453

Related to Mike's inquiry re land based drillers. Does anyone have any knowledge of Bayard Drilling Technologies (DPI:AMEX) successor to a company known as "Anadarko"? They have an IPO via Donaldson, Lufkin, & Jenrette scheduled for 11/04/97 issuance at a target price of $20-22. Approximately 9 mil shares to be offered. The proceeds are to be used to reduce indebtedness and to refurbish and acquire more rigs. According to the prospectus, DBI is the fifth largest land driller in the U.S. They operate primarily in north Texas and Oklahoma and along the Gulf Coast. They describe themselves as a "deep" driller, and rank first in average depth per well. They have 54 rigs, 48 currently in service and 6 being refurbished. The 6 undergoing improvements are scheduled to go into service during the next year. The ave. dayrate in 1996 was approximately $4,700. Last year's revenues were about $47 mil, with a net loss of $1.8 mil. As best I can tell revenues for the 6 months ending June 30,1997 were about $33 mil and they show net income of about $2 mil before adjustments for acquisitions. (They recently have acquired Trend Drilling, Ward Drilling, and Bonray). Sorry for the long post. Any info anyone has on this company would be appreciated. Hope it can get out of the gate like Dril-Quip. drsvelte