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

To: Lucretius who wrote (2537)	10/28/1997 8:42:00 AM
From: Bob (Hijacked)	Respond to of 95453

Updated News on Drillers: NEW YORK, Oct 27 (Reuters) - Shares of offshore drilling companies slid on Monday in a skittish wider market, but analysts said there was no fundamental reason why they should have fallen so far. "There is some concern that dayrates will not rise as rapidly as they have done; but that is not new, and these shares have absolutely nothing to do with any financial crisis in Asia," said Jim Wicklund, analyst at Rauscher Pierce Refesnes. Falcon Drilling Co Inc <FLC.N> fell 1-15/16 to 35-15/16 after it announced that it had delayed its shareholder meeting to discuss its merger with Reading & Bates Corp <RB.N>, but Wicklund noted that was to do with the tax treatment of the spinoff of R&B's exploration and production division. Elswehere, Global Marine Inc <GLM.N> lost more than seven percent, to trade down 2-7/16 at 31-7/16. Pride International Inc <PDE.N> lost 1-5/16 to 34-3/4, while Transocean Offshore Inc <RIG.N> was down 2-14/16 at 53-11/16. Ensco International Inc <ESV.N> fell 2-5/16 to 40-1/2. Santa Fe International Corp <SDC.N>, which reported earnings earlier today, noted that dayrates for the oil rigs it leases had risen 39 percent from a year ago for heavy duty semisubmersibles and 37 percent for cantilever jackup rigs. Its stock fell 2-7/8 to 48-1/2. Oilfield services "are a little bit more vulnerable to a downturn in the market, since the stocks are up significantly this year and are historically volatile," said Schroder & Co analyst Jamie Stone.