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: marc chatman who wrote (47122)	6/30/1999 7:42:00 PM
From: sportsman	Read Replies (1) of 95453

<The RIG earnings decline is even more pronounced if we consider the savings which should be generated by the change in tax venue.> Consider this: RIG will have three new drillships operating in Y2k also. One is going online now, a second in the first quarter of 2000 and the third will be online in the third quarter of 2000. I have read that the cumulative dayrate for these 3 new drillships is around $600K. Add this to the tax saving and we are only going to earn $1.50??? RIG management must be expecting disastrous dayrates for the rigs coming off contract, unless I am missing something??? Sportsman

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