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To: Thomas J Pittman who wrote (21972)	5/13/1998 10:16:00 PM
From: Big Dog	Read Replies (1) \| Respond to of 95453

The "problem" with Santa Fe is the large share block owned by Kuwait. This makes analysts nervous if these guys should decide to sell one day. I met with Santa Fe in Dallas a month or two ago and they mentioned other problems having this Kuwait ownership...but I can't recall the rest of them right now. The company has no debt. Their strategy is to only go for top line, high end equipment. You won't see them with any junk. I expect they will be building a jackup or two in the coming months. big dog

To: Thomas J Pittman who wrote (21972)	5/14/1998 1:25:00 AM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

J, Just to add to Big Dog's comments, I would say Santa Fe is a great company, but in addition to majority Kuwaiti ownership, its heavy position in land rigs might be considered a weak spot. Their fleet is high quality and heavily oriented toward harsh environment jackup rigs. The balance sheet is debt free. You might want to review the company's recent announcements following the latest earnings announcement. They warned of less than spectacular earnings in the near future. good luck, Baird