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: RBlatch who wrote (50947)	9/11/1999 5:17:00 PM
From: Douglas V. Fant	Read Replies (1) of 95453

RBlatch, Yes, with a time lag. First with a manpower shortage the OS companies will raise wages and fight to get the best workers. Then with capital budgets replenished, energy companies will move to drill more wells. The rigs won't be there so bids on rigs will start rising. My buddy who works with Nabors says that for onshore rigs profit margins fell from an average of $2500/day to the $1000/day range currently. We are in the "fight for the workers" phase currently. We move in the next couple of months into the "rising day rates for currently manned/womaned rigs due to competition phase" next.. (Yup there's a couple of extremely good looking-but well-muscled- women working out on the rigs)... Finally day rates will rise so high that the rig companies will bring out the remaining stacked rigs and put them to work too. In fact we just gave up a Nabors rig with a world class veteran crew. We danced a jig with upper level management trying to keep them under contract to us, but failed... Big Dog- You are in touch with the offshore rig industry- what is happening there?

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