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To: SliderOnTheBlack who wrote (40755)	3/24/1999 1:06:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

<<Nothing else looks particularly cheap imho>> Now you're just spoiled. <g> A lot of these companies are still cheap. I still think the biggest issue with RIG is the question of how day rates will look for the deep rigs soon to come off contract. It could be very good; it could be not so good. I'm guessing it won't be too bad, but there is likely to be some year over year decline in day rates (based on recent announcements of deep water contracts), which could lead to some year over year softness in earnings. The day rates in deep water shouldn't take too long to move up -- you know, it's that supply-demand thing. But will it be soon enough for the RIG contracts? On the other hand, the fact that RIG is a large component of the OSX, and an institutional favorite, should help. Many funds buying the index or the favorites will almost certainly put a chunk of any fresh money into RIG.