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: Tulvio Durand who wrote (24501)	6/22/1998 1:04:00 PM
From: Kevin Stull	Read Replies (2) of 95453

To all, I live in Trinidad and have met several people from the various oil services companies working down here: TDW and RIG to name two. One a boat captain and the other an engineer, both indicate that utilization and day rates are as high as they have been and appear stable going forward. Driving this activity is a shortage of boats and rigs to meet demand. Another engineer from Conoco, also working down here, says that to stop drilling in response to oil prices is like cutting off one's nose in spite on one's face. In many cases it would simply be too expensive to curtail operations already underway and considering that these projects span several years before oil reaches the market adjusting activity based on the current price of oil makes no sense. Although this survey is for from scientific, it does seem to bode well for 2Q performance at the very least. Does anyone have access to Zack's or First Call to see if there has been any downward revisons to earnings this quarter for the drillers? Thanks.

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