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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RGinPG who wrote (15423)3/18/1998 11:34:00 PM
From: Lucretius  Read Replies (2) of 95453
 
ESV is not a deep water driller, never has been. MDCO has two semi's, but that's their only exposure to deep. I just kept seeing this and thought I'd set the record. If anything is incorrect about anything other than NE, let me know, but I'm fairly certain this info is accurate to date evne though I don't follow others than NE very closely:

1. DO and RIG are the only pure deep water plays
2. FLC has a large deepwater fleet, but their barge rigs and shallow jackups far outnumber their deepwater presence
3. other drillers have a few semis and drillships but that is not their focus.
4. NE is orienting its business to deep water but is not a pure deep water driller, although they have and are taking steps to move that way.

Here's some further info on NE that I picked up from some friends recently:
1. NE has a letter of intent for the Shelf IV semisub, but the operators (2 of them) have asked NE to not announce it yet for strategic reasons (GOM lease sale and others)

2. the Super EVA is a new-build design that is about 25% cheaper to build than anything other semi on the mkt right now. Hence a lower cost rig for producers and a product advantage for NE. Look for several to be announced very soon. Dayrate between 200 to 220K. Drops about .20 to the bottom line per rig. can drill in up to 10,000 feet of water.

3. NE has seen some softness in the GOM dayrates (2000 on a 72,000 dayrate for instance) but they only have 5 deepwater jackups in this area. West Africa, India, and North Sea continue to increase.

4. NE coninues to see VERY healthy demand for its deepwater rigs.

5. If stock prices continue to decline, consolidation opportunities will be taken.

6. looking to boost earnings to $8.00 to $10.00 range over next 5 yrs.
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