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Gold/Mining/Energy : UFAB - oil drilling deck fabrication -- Ignore unavailable to you. Want to Upgrade?

To: Carl Dee who wrote (210)	1/21/1998 3:15:00 PM
From: Derrick M. Burns	Read Replies (1) \| Respond to of 337

End of month they say (CFO has been tied up travelling so I have been unable to get in touch with him for a more definitive date). I spoke w/ Mr. Berard and he assured me that the operations are going well and left me confident that negative surprises are not in the cards. Also, billing rates as far as I can tell have increased beyond the estimates of the fewe analysts that cover this co. Relative to GIFI and FGII, this is clearly the cheapest stock in the sector and I firmly believe that those who are patient will be rewarded. It would seem to me that if the CFO has been travelling alot, then that would bode well for potential acquisitions over then short term that would allow the co to take advantage of the current environment for their products and increase production capabilities. We want them to buy assets at times like this because they are cheap. Unless I'm missing something, this co is trading at 11X estimated earnings in a sector that trades @ 20x. Any insight would be appreciated.