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

To: Ken Robbins who wrote (24821)	6/26/1998 5:25:00 PM
From: murthy a	Respond to of 95453

Here is the reason...... Friday June 26, 4:46 pm Eastern Time Company Press Release Global Industries Makes Announcement LAFAYETTE, La.--(BUSINESS WIRE)--June 26, 1998--Global Industries, Ltd. (NASDAQ:GLBL - news) said today that it is not aware of any reason related to the Company or its expectations for the recent decline in its stock price and that it continues to be optimistic about fiscal 1999. Mr. William J. Dore, Chairman of the Board and President said, ''Although there has recently been softness in oil prices, we have not changed our expectations about our results for the current fiscal year. Our backlog of work at May 31, 1998 was approximately $175.9 million compared to $51.9 million at the same time in the previous year. Based on the preliminary information, we expect to meet analysts' estimates of net income for the first quarter which ends on June 30, 1998. Moreover, we are now coming into the period from July through December which has been traditionally the strongest part of our year, largely because of the seasonality of work in the Gulf of Mexico.'' Global Industries provides construction services, including pipeline construction, platform installation and removal, and diving services, primarily to the offshore oil and gas industry. This press release contains forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties and assumptions which are described in the Company's Annual Report on Form 10-K. Among the factors that could cause actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.

To: Ken Robbins who wrote (24821)	6/26/1998 5:26:00 PM
From: Broken_Clock	Respond to of 95453

Ken...looking at many of the "leaders" today seems like we have reached a bottom. The osx did break the 88 level so technically we could go lower, BUT oil has stabilized and i think just about every bit of known bad news is now priced into these stocks. In GLBLs case I think it was more than short covering...it looked like some asute buying to me. Same with MDCO, DO and some others. SLB is hanging tough at 66+ which was the previous low this year. I think if oil starts to firm up over the next week then we will see real buyers here shortly. It looked to me like a block of 400,000 went across on RDC as a buy today...that is one big short covering or an institution with alot of confidence in RDC.