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Gold/Mining/Energy : Varco (VRC)

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To: diana g who wrote (55)4/7/2000 10:51:00 AM
From: semi_infinite    of 63
 
Varco's technical strength is in automated systems for handling the drill pipes and integrating the movements with the rotary equipment to minimize idle time. It's a very important point because it minimizes the potential of the drill pipe getting stuck deep in the earth particularly for deviated wells. Their "e-drilling" is basically a real time monitoring and control system for the driller. Instead of the old manual approach, the system appears to have much better control on rpm, wob (weigth on bit) and pentration rate than a human can ever achieve. It's taken VRC's technology almost 20 years to get to the current state. TBI's stuff is completely different and I don't see how someone can even think you can just modify a few things and have new useful systems. TBI's strength used to be tubulars inspection (they were the best there) and they have managed to completely dilute that strength into routine service stuff. Coil tubing and solids control are very competitive segments. The initial market reaction to the merger announcement nailed my sentiment. Why? If VRC management want to smooth out the effects of oil price swings, then they should consider getting out of the business.
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