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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 (20672)	4/28/1998 3:09:00 PM
From: marc chatman	Read Replies (2) \| Respond to of 95453

PK, regarding MDCO, do you think the dayrates for the GOM hit them in Q1? I was under the impression from the numbers the other GOM drillers were bringing home that the weakening dayrates aren't showing until Q2. I just figured the companies that can't meet estimates don't know how to control the estimates. Heck, with 3 month + contracts for the most part, there's almost no excuse for failing to guide estimates for the next quarter. If the drillers return to their near term highs in the next month or two, I'll be the most pleasantly surprised person here.

To: Broken_Clock who wrote (20672)	4/28/1998 4:19:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

Regarding MDCO and ESV For all the similarities between the two companies, I think MDCO has been relatively overpriced compared to ESV for some time. There are some reasons for it such as buyout rumors and MDCO's move into deepwater drilling, both of which give MDCO more sex appeal. But MDCO's disappointing earnings announcement further supports the case that MDCO is less attractive on a risk/reward basis -- unless the buyout pans out. Though I think both are undervalued, I think ESV is much more undervalued. Baird