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To: mph who wrote (14555)	3/12/1998 1:14:00 PM
From: Czechsinthemail	Respond to of 95453

mph, Generally, I think FLC looks good. The two question marks are their barge/workover fleet, for which there seems to be concern around lower utilization and/or dayrates. They reported flat margins and slightly lower utilization in 4Q compared with 3Q. Otherwise the big concern is that their earnings estimates are based on assumptions that they will get 4 deepwater rigs and 4 barges out of shipyards and into service in 2H98. There is some concern that they may not be able to get them all out in a timely way, in which case downward earnings revisions may come into play. Baird