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

To: Big Dog who wrote (9323)	1/22/1998 9:04:00 PM
From: JHR	Respond to of 95453

Thanks Mike, I knew you'd clarify it. Thats sort of what I figured. Curious to me that this comes as a surprise which it was at least in the way it was interpreted. Hope FGII does get some more of that work. I jumped on them at the end of last year in my tax scrambling mode. If I understand then , this is a normal part of the business and any of the drillers would go through the same thing. If these nobel winning analysts haven't factored that in then they are all exposed to it and could impact earnings to some extent. Dont know if you caught Bob Pissani on CNBC at the 2 or 3 o‡lock hour, but he was going through the Oil Service massacre and saying he's getting some analysts now saying that Oil is going to $14 and therefore this whole sector is overpriced. I'm paraphrasing. but that was the net. I think he's anti the sector since Maria is for it and she probably makes more money than he does. Thanks again for your usual clear fundamental explanation.

To: Big Dog who wrote (9323)	1/22/1998 9:51:00 PM
From: Velocipher.	Read Replies (1) \| Respond to of 95453

Hey Mike, do you think that DO's glut of surveys for 98 have anything also to do with Y2K testing? I thought I remember a while back that you also owned and/or followed TPRO. It is my largest stock position. Anyway, I'm interested in your thoughts about this problem of embedded systems in these rigs. Also, do you know if FGII is preparing or already has done any work in this area as part of their conversions? I would think that FGII stands to gain alot of business from Y2K as well. Maybe some companies will convert their rigs sooner than they planned because of Y2K. Just some of my thoughts. Greg

To: Big Dog who wrote (9323)	1/23/1998 8:33:00 AM
From: Lee Fredrickson	Respond to of 95453

Mike- Curiosity--What other inspecting, regulating or underwriting agencies might do inspections on a rig while it's in lay-up at a yard? I can imagine the USCG (Coast Guard) might want a squint at, or have reg.s on, drill rigs. You mentioned ABS. Insurance underwriter's? OSHA? EPA? Financial backers? Prospective lessors? Just a thought, the vessels I get to fondle every day of the work year get most of their grief from the CG, and I wonder about these rigs I've got some money down on. TIA Lee