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

To: A. Fineigler who wrote (10489)	2/3/1998 10:12:00 PM
From: Thean	Read Replies (2) \| Respond to of 95453

BDI - I don't know if its deeper land fleet has got to do with its relative firmness today. Maybe it's just a one day wonder. On a more positive note, everyone that holds BDI is practically losing money. So there is really not a lot of enthusiasm in selling. People figure if they can tolerate BDI all the way from the 20's. They can weather the storm. Except when the shorts step in. PDE - PDE is a more diversified land driller. It has a global business, unlike PTEN, UTI and BDI which concentrate in and around Texas. While dayrate in Texas may have dropped, I don't know if land rate dropped in Venezuela. Nevertheless, I would stay away from it in preference to an offshore. Ron - you should move PDE to the land driller as well. GW - If it gets to $5 again, sell it and switch into something else. 5 is an unlucky number for GW. Now folks, if you sell any land driller, you have to be DISCIPLINED enough to use the proceed to buy something else comparable, such as a deepwater, fab or tube in order to ensure continuing participation. No boat here either. Dave - You can run but you can't hide; I know where you live among the isles. When you eat those papayas; You will know I just came by.

To: A. Fineigler who wrote (10489)	2/3/1998 11:14:00 PM
From: Czechsinthemail	Respond to of 95453

I think PDE falls into the category of "avoid" too, with 429 land rigs. Though PDE has a big position in land rigs, most of it is in South America. You may have a different supply/demand situation there. Similarly, SDC has a lot of land rigs, but they are international, too. International land rig contracts tend to be for longer terms than in the US. Though I think the deep drilling companies have the best combination of predictability and high growth, some of the land drillers may come on strong if oil prices strengthen and demand firms up. The problem is that you may have to ride them down a bunch before they snap back. Baird