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

To: Ram Seetharaman who wrote (1287)	3/8/1999 5:26:00 PM
From: Bald Eagle	Read Replies (1) \| Respond to of 2282

Maybe it will be, but I won't hold that long without at least selling some covered calls along the way.

To: Ram Seetharaman who wrote (1287)	3/8/1999 11:52:00 PM
From: GlobalMarine	Respond to of 2282

The nice thing about GLM's situation is that there was virtually no construction of jackups during the bull run to 1997, quite unlike the case with drillships which were ordered up like big macs. The dayrates for jackups is crummy right now and a few jackups still get turned into razor blades each year that time is on our side. Of course, GLM has nice exposure now to deepwater so the company is sort of a diversified play on offshore drilling in general, though one should still diversify further with a few other companies for the big risk with owning just one driller, I believe, is that there may be a massive blowout and crude will gush into the ocean, CNN will be there in their news helos covering the massive oil slick, the public is shocked and angered by the enviro pollution, and the driller's stock price collapses.