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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: gizelle otero who wrote (1169)2/4/1999 7:18:00 PM
From: Elmer Flugum  Respond to of 2282
 
A day or two ago, Bob Palmer, CEO, Rowan Drilling, was on CNBC. He was asked about acquisitions or being bought out. He replied that they think about the possibilities and when asked further if the company has instituted any defense from being acquired against their wishes, he stated that the best defense of not being taken over was the fact that Rowan was in the oil drilling industry.

Len



To: gizelle otero who wrote (1169)2/5/1999 8:29:00 AM
From: gizelle otero  Read Replies (1) | Respond to of 2282
 
The CEO of Global said about the same thing when asked about consolidation in the drilling industry during the 3rd quarter conference call.

He said that there was no incentive for drillers to consolidate because the cost structure in almost all fixed and there are really no cost savings to be realized by merging two nearly identical entities.

Since GLM does "soup to nuts" services, I would think that the possibility of a merger is very remote.



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