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RIG - (Transocean Inc.)

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RIG - (Transocean Inc.) is industry leader in
providing offshore contract drilling services for oil and gas wells

although profits in that industry have exposure to the
capital spending decisions by oil and gas producers;
with related influence from the volatile current (and future)
crude oil and natural gas prices;

although I believe that there might be a short term
"correction" to the recent uptrend in petroleum pricing;

I believe long term future trend is of increased scarcity
of such oil and gas resources, thereby resulting in continuation
of demand for such drilling services to increase supplies

current P/E of 14.56 would seem to indicate adequate earnings,
with http://finance.yahoo.com/q/ks?s=RIG reporting
expected Forward P/E (fye 31-Dec-08) of: 8.40

I feel comfortable in aquiring some stock at the current lower pricing