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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (16230)3/23/1998 10:16:00 PM
From: Teddy  Read Replies (3) of 95453
 
NEWS snips from Offshore Data:

Submersible NOBLE FRI RODLI completed reactivation work. The rig is en route to Eugene Island Block 51 to begin a six-month contract with Forest Oil.

Coflexip Stena Offshore received a contract for installation services in Phillips Petroleum's Agate field. Cal Dive International, Coflexip's partner in Quantum Offshore Contractors, also will provide
services under the contract. Under the Phillips contract, Coflexip will install two 3.5-inch diameter rigid flowlines, one
flowline termination sled and one umbilical utilizing diving support vessel CSO MARIANOS. Work will begin around month-end.
The Agate field is located in Ship Shoal Block 361 in approximately 400 feet waters.

NAPC is checking the market for a jackup to drill offshore Greece later this year. The drilling program is expected to last for four months. Teddy's note: they shouldn't have to do too much
checking, oil prices have dropped and there are lots of rigs stacked <G>

NORWAY: Saga Petroleum postponed drilling a development well in its Tordis East field due to lack of rig availability. The tight rig market has caused Saga to give priority to other wells, including an injection well in the Vigdis field and intervention work in the Snorre field. The Tordis well originally was expected to be drilled and on
stream in September 1997. However, Tordis field production has been better than expected, minimizing the effects of the delay.
Teddy's note: Read that one again. "postponed... due to lack of rig availability." I can see why Dayrates are dropping so fast.<G>

Good night.
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