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

To: John Carpenter who wrote (38230)2/24/1999 6:31:00 PM
From: VLAD  Read Replies (2) | Respond to of 95453
 
John,

Actually the CDG aquisition wasn't all that bad a move. About 1/2 the CDG rigs are in Venuzeula and are under long term contracts. It's the 12 or so rigs in the GOM that is probably hurting them right now but most of those were drilling for natural gas not oil and FLC's current forecast short term for natural gas is positive.



To: John Carpenter who wrote (38230)2/24/1999 7:04:00 PM
From: S. M. SAIFEE  Respond to of 95453
 
John..

You are right, replacement value does not mean any thing right now and that is why we see extreme pessimism in the group which confirms that we are at bottom of the cycle.. I see OSX trading above 60 by middle of March so will be SLB above 60 and HAL above 40.. I am really surprised that we have not seen shake out or consolidation so far in this group.. may be in reality the group is stronger than what wall sreet's valuation.


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