Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Broken_Clock who wrote (24432)	6/19/1998 7:00:00 PM
From: Lazlo Pierce	Read Replies (1) of 95453

Only bad rumors. from thestreet.com ********************************** Top Stories: Will Day-Rate Softness Spread? By Mavis Scanlon Staff Reporter 6/19/98 6:14 PM ET Declines in rig rental rates in the Gulf of Mexico -- a key barometer of the oil drilling industry's health -- are in danger of spreading to the deeper waters once thought immune to the oil-price slide. As the petroleum industry grapples with what has become a longer and steeper decline in oil prices than many care to admit, there is talk among some veterans of slowing rate increases and even possible decreases in the costs to rent smaller semi-submersible drilling rigs, those that drill in 1,000 feet to 3,000 feet of water. This follows the recent price declines in a segment of the offshore jackup market -- those in waters between 250 and 350 feet -- and the onshore drilling market....... thestreet.com *************************** also.... Top Stories: Too Many Jack-Ups, Not Enough Profit By Mavis Scanlon Staff Reporter 6/19/98 6:14 PM ET There are too many jack-up rigs available in the Gulf of Mexico. The problem is that crude oil prices have dropped to the point where it has become uneconomical for oil companies to start drilling new wells in the shallow water, up to about 350 or 400 feet.However, in the very shallow water of the Gulf, up to about 200 feet, there has been a lot of exploratory and well-development drilling for natural gas because prices there have remained strong. In recent months, a lot of oil and gas producers switched their drilling plans to concentrate on this market. thestreet.com

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