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To: Judy who wrote (13919)	11/11/1997 5:05:00 AM
From: Rare Bear	Respond to of 50167

Judy, I had a chance to look at the RIG earnings. Here is the URL for your review: biz.yahoo.com Long term, I continue to value the earnings potential of all the deep water drillers. I don't see any industry relief of drilling momentum. As far as RIG, I was particularly impressed worth their continued earnings potential with contract extensions, rig upgrades, and contract/revenue increases. On the closing price of today, 59 13/16 (+2 1/8) is a new all time high. This close surpasses previous closes of 59.56 on 10-10-97..Is this a technical breakout? Technical breakout or technical blowout?? RIG continues to earn a rather large P/E in excess of 36X. Other companies which have similar earnings potential include NE, ESV, DO. HOWEVER, NE reported Oct. 23, 1997 similar profitable earnings. However, the stock has recently failed at higher levels. ESV reported Oct. 15, 1997 very similar earnings and has recently failed at higher levels. DO has also recently failed. Opinion on stock value??? Very near the top at this time.As you well know drilling rigs are very susceptible to harsh environmental condition. However, clouds seem to be building over the drillers as well as the entire market..and any kind of micro-burst could create problem with stock prices, but I believe this sector to weather the storm better than most. Doug