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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (23131)5/31/1998 2:57:00 PM
From: John Carpenter  Read Replies (1) of 95453
 
Yes, I was referring to RIG which derives 90% of its cashflow
from deepwater activities. Even after FLC gets its newbuilds
on line, only about 45% of its cashflow will be derived from
deepwater. FLC has heavy exposure to shallow water jackups
and especially transition zone barges. Remember that 95%
of all wells drilled in water depths greater than 5000
feet have been drilled by RIG. Or as Chevron's Deepwater
Drilling Manager Kevin Carey says, "If you're going to the
moon, it makes sense to go with someone who has already been
there. Transocean Offshore has successfully executed drilling
operations in the deepest water depths penetrated."
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