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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: SAMS BONE who wrote (2604)	12/7/1998 2:36:00 AM
From: shane hartman	Read Replies (1) \| Respond to of 90042

>MRL - They are a shallow water driller using Jackups. They have 14 jackups. 12 are located in the GOM where dayrates have declined substantially, as you say. But they are very good at controlling cost and they are diversifying. MARINE 500 - 2nd Generation Semi Submersible which will be upgraded to work in 5000 feet of water. MARINE 700 - 4th Generation Semi Submersible under construction which has a contract at 160K per day coming online in 1999. Salvage value (how much you could sell the rigs for in a liquidation) of the company is around 6.7 bucks per share. They have almost a buck per share in cash. No long term debt. So the stock can't get much lower or it will be a takeover target.