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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Chuzzlewit who wrote (24496)6/22/1998 12:54:00 PM
From: Tulvio Durand  Read Replies (1) of 95453
 
Supply/demand is indeed the key to oil price as well as to day rates for our drillers. But as Baird said there's an important distinction between short-term (land and shallow offshore) and long term drilling contracts (deep offshore). RIG, for example, has deep offshore drilling contracts that stretch out to the next millennium. Those contracts are simply too expensive to cancel and to re-implement even if the price of oil remained under $12/bl for a year. Thus one would expect a looser connection of spot oil price to the valuations of RIG and ATW as compared to a tighter connection to valuation of PTEN. Tulvio
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