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

To: Ditchdigger who wrote (40516)	3/21/1999 3:02:00 PM
From: VLAD	Respond to of 95453

DD, As far as the new builds under construction, they already have long term signed contracts (IMO these contract are what are going to make FLC a $30.00+ stock within 2 years). The focus must now be on all the other existing rigs and the contracts that are now being negotiated. If you look at FLC's home page, a lot of rigs were stacked or idle and a lot of rigs were under contracts which have just recently expired. I have not looked for a while and will check on recent renewals. I think FLC can expect some good income from the CDG rigs in the GOM as we should now see a pick up in demand for natural gas drilling which is what all these rigs were doing before the steep drop in crude oil prices. There are also a good number of CDG rigs in Venuz. under long term contracts. The REAL profits as I see them come in getting some of the idle deep water rigs back under contract. Whatever happened to the Jack Bates after Mobile pulled the rug on FLC? What about litigation against Mobile for reniging on their contract? I have not spoken to FLC for a long while and it would be interesting to know about the short term developments on some of these rigs especially with the OPEC meeting coming up looking good and the spring gasoline demand just around the corner. I think we will see $18 to $20 oil sooner than we think if the API numbers start showing some significant draw downs over the next month or two.