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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Big Dog who started this subject	4/12/2003 8:47:26 PM
From: Frank	Read Replies (2) of 206249

How many land rigs are available anyway? I have been thinking about this issue since Ed A. stated there is an "overcapacity" of rigs. If we look at the top seven drillers in lower U.S. we get a sense of what is available since they hold an overwhelming number of rigs. Seven are NBR (600), PTEN (331), GW (116), KEG (79), HP (72), UNT (55), PDC (22) with total of 1335 land rigs. If we take a conservative figure that 80% are usable without major refurbishing we see that only 1068 rigs are readily available and many of these have only shallow capability. This ain't overcapacity by any means and suggests we will see some moves in the offshore market soon. As a side note I like GW on land due to premium fleet and deep drilling capacity-- and RDC in GOM for exactly same reasons--Frank

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