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: upanddown who wrote (25120)	7/3/1998 5:07:00 PM
From: Lucretius	Read Replies (2) of 95453

I'm only going to make one more comment on this thread (I'm sure many will be pleased -ggg). Those that have been here a while know where I am coming from. You new guys, feel free to blow me off. I just had a conversation w/ a buddy of mine at the lake earlier this afternoon that is "in the industry." Dayrates for jackups in the GOM are currently around 30,000 (that's down 45%from their peak). The drop accelerated in June. If dayrates hit 17000, co's will begin stacking rigs. I'll say it again for you old-timers that deserve to be able to buy in at the bottom---all the bad news is not in yet, per my industry sources, but in a few months it probably will be. Earnings estimates are too high, and they will be coming down in the next few weeks as companies release earnings and idiot analysts revise their numbers. Good luck and do as you think is best! :) -Lucretius

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