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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: jbe who wrote (17107)3/29/1998 8:21:00 PM
From: Czechsinthemail  Read Replies (1) of 95453
 
jbe,

With few exceptions, most of the new rig building is deepwater rigs with long-term contracts that virtually guarantee a payback on the building costs. While there will be a significant increase in the number of deep drilling rigs, the absolute numbers of these rigs compared with the number of potential deep drilling prospects remains small. I'm in agreement with you on the attractiveness of ESV, but not because of fears of overbuilding. I simply think it is cheap, undervalued and underappreciated.

Baird
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