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Gold/Mining/Energy : Ensco International Inc. (ESV) -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (967)	3/31/1998 11:20:00 AM
From: Gottfried	Read Replies (1) \| Respond to of 2005

Doug, the new rig announcement back in January was a morale booster for me. I consider Ensco management to be astute and the rig shows confidence in their future. Regards Gottfried

To: Douglas V. Fant who wrote (967)	3/31/1998 12:55:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 2005

Doug, I think we're arguing semantics here. The point I think that you're trying to make is that ESV is a cash cow, and as a result it has lots of discretionary cash at its disposal. I agree absolutely! Gottfried has correctly pointed out that ESV is using that cash to expand the fleet which I view as a major positive because that will increase future cash flows. I agree absolutely! And my point is that the business remains capital intensive, which is one of the reasons that the cash cows (like Ensco) can profit more from this market than can some of its more financially constrained competitors. Regards, Paul