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

To: upanddown who wrote (30376)	10/6/1998 2:40:00 AM
From: Paul Angell	Read Replies (3) \| Respond to of 95453

John, SDC are incorporated in the Caymans in 1990. Kuwait Petroleum Company bought them in 1981. Floated off 35% in 1996. 1997 Revenue was $578,563,000 1996 revenue was $470,882,000 1997 Net Income was $164,916,000 1996 Net Income was $61,976,000 Approx 114.5 million shares outstanding at fy97 At todays close of 13.7/8 the market cap is 1.6 billion vs. 1.0 billion in assets by my rough calcs. They appear good value and have little exposure in GOM, but they are exposed to currencies in SE Asia. I am hoping for consolidation to leverage the likes of FLC and UTI so my rig moneys in those 2 right now. They have one semi-sub in GOM, involved in deepwater. If you are looking at deepwater as a safe haven, then I am not your man because I am contrarian on deepwater. I know all the analysts are keen, but I have reservations. While there's no doubt going to be more exploration because of the chance of finding elephants; I am sceptical that the deepwater drillers can maintain the earnings flow if their very expensive rig rates get any downward pressure. Good luck, Paul.