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

To: SliderOnTheBlack who wrote (21699)	5/8/1998 10:56:00 AM
From: Don Westermeyer	Respond to of 95453

If your looking for boats, you might want to check out TMAR also. although a lot of the price advantage of TMAR relative to HMAR is now gone. The only problem with HMAR is they have disappointed for a couple of quarters now. Am I correct in viewing the Boat sector as the best hedge against continued depression of oil prices; as opposed to other service sectors and drillers? I'm not all the experienced, but I'd say this isn't true. The boats are lower risk than say land services/drilling short term. Boats do well as long as off shore rigs need to be serviced. Boats are also a lot easier to build than rigs - a minus. There is good value in most of the boats with P/Es almost down into the single digits and PEGs << 1.

To: SliderOnTheBlack who wrote (21699)	5/8/1998 1:19:00 PM
From: JZGalt	Read Replies (1) \| Respond to of 95453

Am I correct in viewing the Boat sector as the best hedge against continued depression of oil prices; as opposed to other service sectors and drillers? It's a hedge, although I'm not sure it is the best hedge. If you haven't bought HMAR yet, you might want to take a look at TMAR. From what I could gather from the conference calls, these guys are aggressive and smart. Nice combination in management. TMAR reports rising day rates as well as having some built in growth in a few boats coming out of drydock over the next 3-4 months. Boats are being refitted to handle work in deeper water. Majority of the drain in the past several quarters for drydock and lengthening the boats will end in the second quarter providing cash flow to pay down debt. TMAR is also getting some press of dubious nature in Individual Investor and yesterday on the Motley Fool site. Free advice and worth every penny.