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

To: Slide Rule who wrote (26000)	7/21/1998 9:58:00 AM
From: Peter Weinman	Respond to of 95453

Slide Rule, I have followed GLM for many years. I trust their management. I think they will do as well as the circumstances allow. I can't predict the direction of dayrates, but I think the company will respond intelligently to the market conditions they face. They have shallow water GOM exposure so they will be under pressure for a while, but they have done a nice job of adding deep water capacity over the last few years, and as new drillships come on line their profits should grow. Their ADTI turnkey drilling subsidiary has been a drag on earnings for the past two quarters, but in a falling dayrate environment could provide some support to earnings. Peter