A wreckage in the jack-up market?
After all I hear and read about shale gas and ng production, I wonder when will GOM jack-up market cease to exist? The jack-up wreckage is spreading worldwide:
Some data from rigzone, June 4, 2009:
Total Jack-up fleet: 446 + 61 under construction
299 drilling. 67 ready-stacked. 30 cold stacked.
If you think the ready stacked ones are old junk, consider that. 35 of ready-stacked J-ups have capability >300 ft water depth.
Back in May 2007, the numbers were:
Total Jack-up fleet: 404 + 71 under construction
324 drilling. 14 ready-stacked. 14 cold stacked.
Looks like, J-up market is damaged for the next decade.
I still wonder why RIG, a pure deepwater, bought GSF, mostly a J-up company, with such a high premium. Just to stack all these J-ups now?
Oh, it was the Goldman, as the underwriter for this deal and RIG's debt leveraging. |
