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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (16533)3/25/1998 7:05:00 PM
From: marc chatman  Read Replies (1) of 95453
 
You are right that there is a limit as to how much debt a company can reasonably take on; but at these low stock prices, I hate to see a company issue equity to finance expansion.

Another issue which I don't know much about is the extent to which a driller (particularly the deep water drillers) can finance the construction of a rig against the cash flow from a long-term drilling contract. Didn't DO or one of the drillers do just that a few weeks ago? I don't know how much of the financing was covered by that contract; I think the contract term was for 30 months.
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