Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: sand wedge who wrote (46727)	6/22/1999 7:49:00 AM
From: Aggie	Read Replies (1) of 95453

Sand Wedge, Good Morning The Caspian deal is known as A.K.I.O.C., and it's a consortium made up of a number of major oil companies (7), with Shell acting as the project operator. Essentially, a Parker drilling barge was towed from the US, cut in half, and transported to the Caspian, where the halves have been re-joined. The barge has been winterized, an extensive project considering that the barge was originally designed for semi-tropical conditions and temperatures in the Caspian region get down to -40 in the winter. The project is in the shallow waters in the northern half of the Caspian. There are tremendous logistical problems involved. This region ices in during the winter, so the barge has been reinforced to accommodate this. There are 2 wells scheduled. So far, the project is over budget and way over on time - and there have been many, many technical problems. Nothing like this has been tried before. The barge is supposed to begin operations this summer. My information is that the cash flow from this operation is what is keeping Parker afloat - but only just barely. I do not share Mike's optimism about Parker's future prospects. Regards and Good Luck to all, Aggie

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