Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Perfect Hedge who wrote (5443)	12/16/1997 9:21:00 PM
From: Thean	Read Replies (1) of 95453

I found this in RB news release today. Read the sentense about "The rig has been contracted at below current market day rates" below. I can't figure it out what it implies? On first impression it appears that EEX is happy they managed to get below market dayrate. Need some discussion here. The article can be found here: biz.yahoo.com " Separately, EEX completed negotiations with Reading & Bates (NYSE: RB - news) that will extend EEX's access to the C. Kirk Rhein, Jr. semi-submersible rig. In the agreement, the rig will first be used by another operator for a short- term drilling activity. EEX now expects the rig to be available for its use in March 1998 to begin drilling prospects in the Green Canyon and Mississippi Canyon areas of the Gulf of Mexico. The rig has been contracted at below current market day rates. ''This rig agreement, in addition to our existing contract for the Diamond Voyager, gives EEX access to two deepwater rigs capable of drilling our deepwater prospects in the Gulf,'' said Tom Hamilton. " OK. Found another spin on the same news. It appears to confirms EEX is getting below market dayrate for a deepwater rig in GOM. This may not be good but it came out before the market closed. biz.yahoo.com

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