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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Frank who wrote (40771)3/25/2005 2:50:57 AM
From: jim_p  Read Replies (2) of 206220
 
Frank,

At the peak of the cycle in 1979-80, you also had to sign a one or two year contract if you wanted to lease a land rig. At the time those type of deals were only done on offshore rigs. The offshore market was even tighter and a five year contract was the norm at their top of the cycle. That lasted about a year for land drillers and most of those contracts weren't honored when the bottom fell out of the market almost over night. Many of the five year contracts were also not honored. I think the only offshore driller that enforced the contracts at the time was RDC?? Any memory on this Big Dog??

Here we are 25 years later and back to the same market....hummmm???

Jim
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