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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: NucTrader who wrote (24622)6/23/1998 11:16:00 PM
From: Big Dog  Read Replies (2) of 95453
 
Looks like wholesale capitulation from the board...perhaps a good sign.

However, I can tell you that industry folks are nervous. In my business of selling offshore rigs, it is times like this that make us rich. We like for rigs to change hands. They change hands when times are getting good...plenty of buyers. And they change hands when times turn bad...sellers emerge.

Owners of rigs that are big public companies will not be sellers unless things get MUCH worse. But I am finding selling interest in rigs where the actual owner has his PERSONAL money involved. You see the big companies don't really give a rats ass, it aint their money and if they sell their rigs, they have a smaller company.

The smart thing to do right now, IMO, would be to starting gently selling some iron at these sky high prices -- call it fine tuning of the fleet.

The hardware price for rigs may have well peaked for this business cycle.

big
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