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

To: D.J.Smyth who wrote (749)	8/25/1998 4:16:00 PM
From: JZGalt	Read Replies (2) \| Respond to of 1153

Darrell, I agree with your general calculations although I have not run the numbers myself. I'd drop the North Sea numbers somewhat, but that is not really important. Anyway. that still doesn't help figure out when to buy the stock. Remember that at $13/share on TMAR, your eps numbers would have still produced a p/e ratio less than 10. So where is the bottom? I have no idea. I threw out the 50% of book value as a target about a month ago but I honestly didn't think we would see that this soon. I thought at best we would get below $9 with some tax loss selling and end of quarter window dressing. You are right it is silly time. The only problem is it seems to get sillier.

To: D.J.Smyth who wrote (749)	8/25/1998 4:48:00 PM
From: Grommit	Read Replies (2) \| Respond to of 1153

Darrell, Have you reviewed your calculation with TMAR IR/CFO? If you have not, I would recommend it. You may get some reassurance (if correct) or assistance (if incorrect) with it. Either way - you win. (When I was doing similar calculation with HMAR a few months ago, they were able to verify my methods and results, although they were clueless as anyone else with regard to rates and utilization assumptions.) regards, PS one small point -- I was told that the rigs being idled generally were the exploratory rigs. So the percent of production rigs in the total is getting higher. Production rigs need less boat support than exploratory rigs.