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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (8882)1/20/1998 5:24:00 PM
From: Teddy  Read Replies (1) of 95453
 
Here's a new one from The Wall Street Urinal, is this what happens right before companies stop drilling because the price of oil is going down and will never come back? (Looks like about $200,000 per day)

January 20, 1998
Transocean Offshore Gets Order For $318M Drill Ship

HOUSTON (Dow Jones)--Transocean Offshore Inc. (RIG) expects a total
of about $372 million in revenues over the five-year term of a contract from
Unocal Corp. (UCL) for a Discoverer Enterprise class ultra-deepwater
drillship.

Transocean said in a press release Tuesday that the drillship will be built at a
total cost of about $318 million, including capitalized interest and other
non-hardware costs.

The contract also includes up to five one-year options, and has a
cost-escalation provision to permit recovery of some incremental costs
during the contract's term.

Transocean said it expects the drillship to be operational in the first quarter
of 2000.

The new rig will be equipped to drill in water depths up to 8,500 feet and
will be capable, with additional outfitting, of exploration and development
drilling in water depths up to 10,000 feet, Transocean said. The drillship's
initial assignment will be in the U.S. Gulf of Mexico.

Transocean Offshore is an offshore drilling company.

Unocal is an energy company with oil, gas and geothermal operations.
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