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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: John Carragher who wrote (73326)10/15/2006 11:00:13 AM
From: Sharp_End_Of_Drill  Read Replies (1) of 206184
 
John, Exxon typically gets it right.

The article was a bit fuzzy about the difference between leases on offshore acreage and contracts on deepwater rigs - but I interpreted it to mean rigs.

Exxon sees the large number of newbuilds coming and knows from past experience they will be able to contract or take farm outs at lower prices. Chevron on the other hand has no less than three deepwater ships being built for long term contracts, as well as the existing rigs working for them.
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