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: Bazmataz who wrote (8179)	1/15/1998 10:06:00 AM
From: mark pearson	Read Replies (1) of 95453

CEO Palmer says "looks real good for next 6 months." Said if oil tanks, drops below $15 for 60 days, then companies will start cutting exploration budgets. Doesn't expect that to happen in next 6 months. Says no one is talking about cutting spending plans at this time. Has suspended all turnkey drilling operations and does not anticipate getting back into it in near term. Says spec rigs like Gorilla V are built for very narrow niche with no competition and sees no risk. Gorilla V is under contract in North Sea in 3rd quarter.

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