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

To: Tulvio Durand who wrote (23715)	6/10/1998 12:05:00 AM
From: SliderOnTheBlack	Respond to of 95453

TCMS...talk about ''allure''; I just received their annual report in the mail today... Now I know why the Auto manufacturers spend so much money on those glossy, full color - new car brochures. One photo, as in TransOcean OffShores new 3500 ton mud pump module, destined for what will be the worlds largest drillship; is indeed worth 1000 words. Their Red Fox shipyard has been upgraded to handle ultra - deepwater Rig fabrication work like their current contract with RIG. The workforce in this yard alone has grown from 80 to 333 in the last year ! They have tripled their capacity for deepwater fab work at this yard and in my opinion it will be a cash machine. Their pipeline business is equally as exciting; Transcoastal has won the shallow water portion of all 3 GOM trunkline construction projects. Business outlook remains very good, driven by growing production of deepwater oil and gas (lots of nat gas work) that must make its way onshore. The recent addition of a new pipelaying Barge which went into service this past month, bodes well for future earnings increases as well. TCMs also has a marine construction division -'' KORI''; and operates an enviromental clean up company -'' Envirosystems '' as well. The report also mentions their planned venture into International markets of similar geographic conditions to the Gulf of Mexico with existing customers. When I review the numbers of Q1 1998 vs. Q1 1997; with a 10 fold increase in revenues, numerous new contracts, upgraded pipelaying barge, increased fab capacity, 4 fold increase in shipyard personnel etc. - I do not see a company deserving of selling for less than 1/3 of its 52 week high and less than 1/2 of its original IPO issue price. Looks like that new Sport-Utility Vehicle may just have to wait (my luck with cheap gas)... might just squeeze out a few more miles from ''old reliable'' so I can squeeze out some more $ to average down my cost basis in TCMS. Is this ''the sleeper'' stock in the patch ?