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: IndioBlues who wrote (49471)	8/18/1999 3:54:00 PM
From: upanddown	Read Replies (2) of 95453

Indio Nice well-balanced piece by Mavis. As she said, the jury is still out on FLC and results, not words, are really needed. Too many fires, seizures, financing problems and cost overruns. FLC sometimes reminds me of a .240 hitter that everyone thinks has the potential to hit .300 every year. The thing that bothers me most about FLC is their really crappy utilization rates vis-a-vis their peers. Look at these figures from the GOM compared to ESV or GLM oceandril.com So they cold-stack a bunch of rigs. Big deal. Short-term savings but could be short-sighted. Those mothballed rigs will probably be used very late in the cycle, if at all, since the ample supply of ready stacks will probably be rented first. I'll probably be back in on weakness but sometimes it seems like FLC can't get out of its own way. JMO. John

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