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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: JZGalt who wrote (705)	8/24/1998 3:45:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 1153

yah. russia is a key to some bears thinking the last couple of days. but the market is punishing tmar a bit much. north sea crude is used primarily to supply the needs of the u.k. and surrounding countries. so regardless of the price of oil outside the u.k. it has been less costly to consume north sea brent internally than import from the third world. besides, there's agreements that cause the brits to buy at home first before going abroad. and the gulf is mainly gas related. tmar SHOULD have some built in earnings +, but the market is treating it otherwise so you have boat price stability in the north sea at $9 plus oil (who knows below this level since this could change a few things). at $9 oil, you still have 60%+ utilization of supply boats and lower costs relative to retiring a few aging vessels petrobras in brazil pumps for their own needs. tmar's contracts in brazil are longer term as they are in the north sea (up to 2 years for some contracts)

To: JZGalt who wrote (705)	8/24/1998 4:28:00 PM
From: Gameboy	Read Replies (1) \| Respond to of 1153

Russia's production did increase significantly after March 23 but they promised a production cutback of 100,000 barrels/day to begin July 1st, and apparently went full tilt up until then.. I don't know how successful they've been after July 1st, but from what I've read Russia faces the same problem as most producers - at the $11.19/barrel they received week ending Aug 21st, many of their wells are simply unprofitable. Venezuela didn't shut down 59% of its rigs solely to meet its OPEC quota. Your plan to wait for the rebound seems to be working so far. Best of luck, Steve