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

To: Douglas V. Fant who wrote (32470)	12/4/1998 6:44:00 PM
From: pz	Respond to of 95453

FOR IMMEDIATE RELEASE December 4, 1998 Offshore rig count decline continues HOUSTON: The worldwide offshore rig count posted a net decline for the third consecutive week, according to Offshore Data Services' weekly mobile offshore rig count. One new deepwater drilling rig joined the offshore fleet this week, and the fleet now numbers 613 total rigs. Of these, 515 are under contract, a three-rig net decline since last week. Offshore rig counts fell in the Gulf of Mexico and Europe, but the decline was offset somewhat by an increase in the Asian rig count. Worldwide offshore rig utilization today is 84.0 percent. The U.S. Gulf of Mexico mobile offshore rig count stands at 130 this week, a three-rig decline from last week. The 178-rig U.S. Gulf drilling fleet's utilization rate is 73.0 percent. In addition to the net three-rig decline in the U.S. Gulf rig count, the Mexican offshore rig count declined by two rigs as well. European offshore rig utilization is 91.9 percent this week, its lowest level since March 1995. Contributing to the region's declining rig count was a three rig decline since last week, and a five-rig drop over the last month. Two rigs have moved out of the area, leaving the European offshore drilling fleet at 111 rigs, 102 of which are under contract.

To: Douglas V. Fant who wrote (32470)	12/4/1998 11:27:00 PM
From: SliderOnTheBlack	Read Replies (4) \| Respond to of 95453

3rd time a charm ? Hopefully this 3rd run will be the one that sticks. I agree that the conservative play is the big 3 - SLB HAL BHI; but I actually like what I refer to as the ''top tier'' companies as they offer much more ''bang for the buck'' return on investment-wise. RIG/DO WFT RON are the 1st tier imho. 2nd tier I'd place VRC GLBL VTS FGI. Equally on the 2nd tier are the ''niche'' stocks that actually over time (5 year holds) may be the best plays in the OS sector. I like CXIPY SCSWF CDIS CLB here as deepwater/high tech plays. On the next level are some highly leveraged companies that are very oversold like FLC KEG & HMAR. Also very high return potential are the small/mid-caps like GIFI NOI IIR and the shallow water & land drillers NE MRL PTEN UTI... hard to go wrong all most anywhere in the 'patch currently. I think we will benefit once again from sector rotation as some profit taking is occurring in the overall market. The Fund Managers have done most of their selling ; December may see the individual investor and some value funds moving the sector up; but the Mo-Mo move will happen in January imho; as the Funds return bigtime... Hopefully the Venezeulan elections will give us leadership willing to adhere to, or go along with further cuts. OPEC may just have a little surprise left. Quickest out of the blocks; imho will be RON with the big stock buyback; @ $22 - I want to cry... wishing I was entering this sector fresh & flush...How the hell can everyone hold these Blue Chips with 5-8% eps growth in a best case scenario @ PE's of 30-40-50 ??? C'Mon World - Rotate allready !!!