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To: William L. Oppenheim who wrote (30909)	10/19/1998 9:37:00 PM
From: Jamey	Read Replies (1) \| Respond to of 95453

Wonder if that will affect their estimated $0.26 earnings for 3rd quarter due out tomorrow? $86 mill sounds like a lot. Santiago

To: William L. Oppenheim who wrote (30909)	10/19/1998 11:54:00 PM
From: Alski	Read Replies (2) \| Respond to of 95453

William, Play fair! There was lots of real news in FLC's release. And what did they get in return for that $86M? Well, they swapped two dumpy ol' conversions for a shinny new build semi, a new build DP, and a large equity stake in Navis that also has a new build DP. Picked up all that new stuff and lowered their near term borrowing requirements at the same time; kewl. And get to defer a "substantial" portion of the shipyard cost until delivery; extra kewl. For a company that's valued on assets that all might be considered a pretty good dealin' (I hope). Oh, and there was that little ditty about the increase in day rates. Music to my ears! Alski PS. Hey Big Dog, was that Navis bit why you went over there? Gave up on rigs and just brokering the whole darn companies now, eh?