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Gold/Mining/Energy : Pride Petroleum Services (PDE) -- Ignore unavailable to you. Want to Upgrade?

To: DEER HUNTER who wrote (383)	2/28/1999 1:59:00 PM
From: Raye Derickson	Read Replies (1) \| Respond to of 454

Hey guys...new to the thread and lookin' to bottom feed on some babies thrown out with the bathwater with the oil drillers. I don't care if my money sits for awhile as I'm too contrarian to avoid good companies in a crappy sector. PDE looks attractive, and I was wondering if anyone can comment on the status of those six Amethyst semisubs under construction? Any news on when they'll be done? I'm gathering they will reap some decent revenues eventually. Referring to the nifty "Rigs Report" on the Oil Online website, Pride Offshore has a healthy number of semisubs/drillships once all the construction is completed. Although some of these are joint ownership with PDE (the drillships?), I'm trying the possibly too-simplistic approach of evaluating each driller's semisub/drill-ship portion of fleet to gauge future dayrates, while looking at cash assets/debt to size up the company's ability to weather this North-Atlantic winterstorm-sized depression in oil stocks. Is it safe to believe that deep-water dayrates will remain much larger than shallow rigs' rates? Or will they get knocked down considerably after the current contracts expire? Thanks in advance for any educated responses and/or guesses!! Raye

To: DEER HUNTER who wrote (383)	3/1/1999 11:54:00 PM
From: Bill Zeman	Read Replies (1) \| Respond to of 454

DEER HUNTER Thanx for all the work you have done to try and sooth this worried investor. The posts you listed were interesting reading, but seemed to be largely speculation about the bottom of oil coming in soon. The writings made some compelling arguments, but still in the overall picture are just speculation. Oils are still breaking down. No true bottom in yet according to the objective TA mind. The rest of what was on these posts was just a lot of hype about how PDE and others are really such a good buy now. I guess it's true that if a bottom is almost in, then we really are at some table pounding buy points. I hope they are right, but doubt it. Bill Zeman