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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: P.Prazeres who wrote (23670)6/9/1998 1:19:00 AM
From: pz  Read Replies (1) of 95453
 
June 5 - June 12, 1998

Offshore rig count unchanged, but dayrates under pressure

offshore-data.com

HOUSTON: The worldwide offshore rig count is unchanged from last week, according to Offshore Data Services' weekly mobile offshore rig count.

This week, 578 of the world's 609 mobile offshore drilling rigs are under contract. Worldwide offshore rig utilization is 94.9 percent.

In the U.S. Gulf of Mexico, 166 of 173 mobile offshore drilling rigs are under contract. U.S. Gulf of Mexico rig utilization is 96.0 percent.

One rig left European waters to work in another area, and today the
European offshore rig fleet totals 112 rigs. Of these, 108 are under
contract. European offshore rig utilization is 96.4 percent.

Continuing low oil prices are impacting oil companies' drilling programs, and as a consequence, offshore drilling rig day rates (the rate an oil company pays to employ a drilling unit), particularly in the Gulf of Mexico, are under downward pressure. Dayrates for some jackup rigs in the Gulf have fallen by as much as $8,000. Less substantial declines in dayrates have been noted in isolated cases in other rig markets. However, some rigs are entering new contracts in many areas at improved rates.
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