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Gold/Mining/Energy : Varco (VRC)

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To: semi_infinite who wrote (54)4/7/2000 9:48:00 AM
From: diana g  Read Replies (2) of 63
CSFB --- Do they know an oilwell from a hole in the ground?

Hi Ray,
---I cut+paste the portion of the report to which you refer below for easy reference.
---I'm not in the oil business myself, but in the course of investing in the sector during the last couple of years I've met a few people who are. I asked for their impressions of the CSFB report, and their reaction was that it is generally accurate. Obviously CSFB could be expected to see the merger in a positive light, but the impression I get from industry folks is that CSFB hasn't made an unrealistic assessment here. Optimistic, yes; But not unrealistic.
---The specific fault in the writer's understanding which you mention was not mentioned by anyone with whom I spoke. I'll check back with that specific question.
---Rereading this section, I wonder if it is possible that you misunderstood the writer's intention? Would you reread it closely and see if it might be that the idea he meant to put across was just not as clear as it might have been and was easily misunderstood?
---Are you in the oil business? Your thoughts on VRC, TBI, the merger, etc would be appreciated by myself and others.


(Snip from CSFB Report)---
<<<<<Likewise, VRC's product innovation and development skills will also transfer to
TBI's business lines. In the case of solids control, VRC has significant new
products that have recently been developed. Varco has also developed the
technology to operate systems remotely (dubbed e-drilling), allowing units to
be monitored, operated, and optimized from a centralized location rather than
by individual on-site technicians. This technology can be retrofitted to work
on existing TBI solids control units, boosting efficiency and lowering costs.
TBI's industry leading footprint is critical to enhance the penetration rate of
these new developments. VRC believes the application of e-drilling can be
spread into other business lines, adding a new level of technology to TBI's
already market leading position.>>>>>>
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