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: AltLar who wrote (51242)	9/16/1999 3:02:00 AM
From: dfloydr	Read Replies (1) of 95453

Two items to add to the FGI discussion: I have not seen it mentioned elsewhere: OCR on the Oslo exchange went from NKr. 1.40 to NKr.2.00 on the day it was announced that FGI and OCR are headed for arbitration over the two delayed OCR rigs being built by FGI. I am wondering how new rigs will get financed given the cavalier way in which the big oil companies turned their backs on signed contracts this past year. I for one would not be willing to be a lender ... not unless some of the drillers prevail big time in court and soon. It will take a lot more juice to get lenders to play when the contracts that seem to justify the construction of a new rig can be ignored unilaterally.

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