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

To: Bazmataz who wrote (9648)	1/25/1998 10:09:00 PM
From: The Perfect Hedge	Read Replies (2) \| Respond to of 95453

JAPAN EXPLODING;up 450 points!(eom) GD

To: Bazmataz who wrote (9648)	1/25/1998 11:06:00 PM
From: Elmer Flugum	Respond to of 95453

Surely, Rowan, down from $41 now trading at $24, 89 million shares with a market cap of 2.1 billion, 850 million revenues in 97, $2.50/share with a P/e of 9. Still big increases in Gulf drilling, no cancellations, 22 rigs total, 16 in Gulf, a few in North Sea and one in Canada. Ceo says he does not expect any cancellations unless oil goes to $15.00 a barrel. Few new rigs being built, especially now with oil down, but the lead time is long for building these rigs and they cost about $175 million. Rowan has two rigs on order now. Day rates are as high as $59,000/day and ROwan's average is 50 K. Debt is 0.26, 157 million net debt,against 604 million in equity, ROE is 26.3 % Their clients are Amoco, Shell, Mobil, and Chevron, not some shady operators. Scott is buying in now. Scott Black, Boston-Delphi Fund.