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

To: marc chatman who wrote (18857)	4/13/1998 10:38:00 AM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

marc, I haven't yet received the ESV annual report, but if their rig upgrades will enable them to operate in harsh environments that would be a big positive since those markets have remained particularly strong and command higher dayrates. Of course, over the long term, the rising demand for oil & gas should strengthen drilling demand in all markets. As Thean has suggested, it may take a rising oil price environment for that to kick in fully, but once it does, ESV and other shallow drillers will reflect the change dramatically both because of the limited number of jackup rigs and the shorter contract terms which will reflect rising demand faster and more dramatically. There may be a few investors out there who can anticipate that and will buy into ESV now while it is so cheap. Baird