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

To: Broken_Clock who wrote (14021)	3/6/1998 5:52:00 PM
From: Don Westermeyer	Read Replies (1) \| Respond to of 95453

Positive article about deep-water drillers today: smartmoney.com In part: Finally, there are the four slumping deep-water drillers that popped up on our screen: Diamond Offshore (DO), Ensco (ESV), Global Marine (GLM) and Marine Drilling (MDCO). Earnings expectations and operating margins are still strong, but the dramatic slump in crude prices has slashed their valuations. Oil drillers have been talked about to death, but wed like to make a few points. First of all, these stocks are dirt cheap right now. Second, while it may take a while for the per-barrel price to pop back up, demand is not going to evaporate long term. The warm-weather El Ni¤o effect will go away even if the Asian turmoil dampens demand slightly in 1998. And anyway, according to Morgan Stanley, the Asian economies in crisis accounted for just 7.4% of worldwide demand in 1997.