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To: Mike from La. who wrote (41895)	4/8/1999 6:29:00 PM
From: Aggie	Read Replies (1) \| Respond to of 95453

Mike, hello. I would have thought the boat companies will recover synonomous with the rig market. After all, you can't operate one without the other, although the spotlight is certainly on the rig contractors now. Boat companies like Tidewater will be well positioned to either weather the downturn or feed the beast when it rallies. A good portion of their fleet is approaching the 25 year age mark - and that means an expensive tank/hull survey and remedial work for renewing their certifications. Tidewater has been quietly taking these boats - which are in quite good shape, incidently - and cold stacking them, planning to go through the expensive re-certification process only when there's a contract pending. I think this strategy will ultimately be successful, and I think of Tidewater as being analogous to Diamond Offshore, who upgraded and maintained old iron rather than plonk down the cash (or the deed to the farm) for new builds. Regards and good luck, Aggie