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: Frank who wrote (71151)	8/18/2000 9:07:56 AM
From: Big Dog	Read Replies (1) of 95453

From Dain This morning: We have now had about 16 consecutive months of increasing utilization and appreciating dayrates for offshore rigs, particularly GoM jack-ups. Our analysis indicates that Gulf jack-up dayrates, relative to an equivalent point in the last cycle, are now at a 20%-60% premium depending upon the capability of the asset. We continue to adjust our estimates to reflect this acceleration and, while we believe that there may be some upside to our third-quarter estimate of $0.31, we expect that the most significant gains will be realized in the fourth quarter and into 2001 as more of Noble's rigs become available for new contracts. As further indication of the persistent strength of the Gulf jack-up market, Noble recently received an 18-day contract on the Bill Jennings, a 390 foot capable rig, for $60,000 per day. Dayrates fixtures for this class of asset ranged between $20,000 to $45,000 as recently as April. All 10 of Noble's GOM jack-ups are currently on contract.

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