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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Dennis Roth	3/19/2013 9:44:13 AM
	2 Recommendations Read Replies (1) of 206181

Oil Insights — Drill, Baby, Drill! Europe \| Oil Companies - International - Citi Research 18 March 2013 ¦ 20 pages ir.citi.com 18 deepwater rigs (9% of supply) need to be contracted in 2014. While 9% of capacity may optically appear a large number and suggestive of price (day-rate) deflation, it should be remembered that supply has grown some 225% since 2008 AND has been fully absorbed at slightly inflationary rates! We expect these rigs to achieve good rates (US$600k/day+), and industry attention to then focus on market tightness in 2015. We expect the industry to look to re-invigorate the newbuild programme.

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