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

To: monu who wrote (38387)	2/26/1999 12:25:00 PM
From: Fitz	Read Replies (1) \| Respond to of 95453

Re-RIG Got this off of Yahoo board...... No bad news according to RIG 1837 of 1840 Called RIG this morning. Management said there is no negative news they are aware of. Reiterated the fact that no rigs coming off contract soon. Of the rigs that face renewal in a couple of quarters, they are jackups which are of lower margin. Expect little to no decline in dayrates for deepwater equipment. RIG fleet owns just 6 jackups to DOs 15. 30% of RIG rigs (jackups for the most part) are up for contracts this year compared to 52% of DO's. RIG fleet is considered to be the most sophisticated and well kept in the industry. DO is geared much more shallow and with less money spent on repair and upkeep. RIG has 3 new deepwater rigs in the building phase with contracts already signed. RIGs receivables are high with great cash flow. I guess fear in the sector makes cash on hand the only criteria for buying stock here. Potential is out of favor.