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

To: SliderOnTheBlack who wrote (30388)	10/6/1998 10:24:00 AM
From: jeffbas	Respond to of 95453

VRC is a gift? Revenues in the announcement were 190 million. Bookings net of cancellations appeared to be 85 million. This looks like the semi-equipment sector conditions and noone is jumping up and down saying buy there??

To: SliderOnTheBlack who wrote (30388)	10/6/1998 1:43:00 PM
From: MARK BARGER	Read Replies (1) \| Respond to of 95453

Slider, if you really liked Varco at 7, you'll LOVE it at 6 3/8! No shortage of sellers today, even at these prices. I'm not saying it won't be 10+ in a couple of months, but it can't find a bottom today to bounce off of. I nibbled on some at 8 5/8 a week or so ago, thinking it had bottomed, WRONG. Down from 30 to 6 in 4 months! I will stand aside and let this baby find the bottom, it could be in the 5's. Mark

To: SliderOnTheBlack who wrote (30388)	10/6/1998 8:27:00 PM
From: Robert S.	Respond to of 95453

I recall reading, prior to the BHI-WAI merger, that WAI had an arrangement to receive exclusive rights to 4-D (i.e., time-lapse) software being developed by Columbia Univ. Lamont-Doherty in exchange for funding it's development. Does anyone have any updated information of the status of this project? It piqued my interest as it had advantages over time-lapse applications offered by SLB and PGO. One advantage was the processing and analyzing of data in one application, producing greater qualitative and, yet, less expensive solutions for optimizing reservoir withdrawals. Any news from anyone?

To: SliderOnTheBlack who wrote (30388)	10/7/1998 3:31:00 AM
From: Paul Angell	Respond to of 95453

Slider, My concern with deepwater is short-term only. Long term there is no doubt that this has got to be a busy sector as dictated by the statitistical chance of finding big stuff out there on the frontier. The short term question is that earnings could come under pressure if the deepwater drillers don't see very high utilization rates. Now VRC. This stock should be looked at on a value basis IMO. As a takeover candidate?? I am not sure that a company other than a direct competitor has much to gain from acquiring them. The targets I think are more likely to be in the service sector, where direct consolidation can cut costs and increase shareholder value. BJS, SII or WFT fit the bill - any thoughts???. Paul.

To: SliderOnTheBlack who wrote (30388)	10/7/1998 7:34:00 AM
From: Thomas J Pittman	Read Replies (2) \| Respond to of 95453

Slider, Re: your message about deepwater concerns.... How do you establish an upside/downside risk in these companies. I have been following this sector for about 9 months now but am only now getting ready to bite (on RIG, actually because of is pre eminence in deep water). However, I have to say, I am not happy yet with my downside risk assessment. So far all i have come to is that book value looks pretty solid as a low point and I have used book as 17 (current book) + 2.50 (this year's earnings low est) + 2.50 (assume the worst and give flat earnings). Now that gives me about 22 as my projected low, but you gotta admit that was nothing but a WAG. What IS a good way to establish projected lows for these companies? any ideas? J