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Gold/Mining/Energy : Big Dog's Boom Boom Room (Moderated)
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From: Big Dog4/18/2005 10:55:20 AM
   of 89
 
From Lehman

Eastern Drilling ASA and Smedvig announced the first newbuild deepwater rig of this cycle. Funded by Eastern Drilling, Smedvig will own only a 10% interest in a “sixth-generation” semisubmersible and will also supervise the construction, as well as manage and market the rig upon completion. The heavy duty, harsh environment rig, which also has dual derrick and is dynamically positioned, is estimated to cost a whopping $550 million and is expected to begin operating 1Q2008. Eastern Drilling ASA has an option to order another rig on similar terms within 12 months. While we would prefer to not see new construction within the deepwater markets, we believe the daunting cost will keep many builders at bay.
Speculation abounds that Seatankers could be in negotiations to place an order for two additional jackups and a newbuild semisubmersible. This is not an announced transaction, and at this point we view it as only a possibility rather than a certainty. The company currently has two jackups under construction and we believe has options for up to two semisubmersibles.
Petrojack ASA placed another jackup order. The company exercised the first of two options with Jurong Shipyard for the construction of a 375-foot Baker Marine Pacific Class jackup to be delivered in January 2008.
Now, there are now 29 jackups on order or under construction worldwide. Of which 10 will be delivered in 2007, and 12 in 2008.
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