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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: PuddleGlum who wrote (25961)7/18/1998 8:47:00 PM
From: Teddy  Read Replies (3) of 95453
 
RIG COUNT: Only getting worst!
Teddy takes a moment out of his excellent summer to remind you that this sector sucks more each week. He is thinking that he might buy NE in three or four months.

July 17, 1998 U.S. offshore rig count declines

HOUSTON: The U.S. offshore rig count continued its oil-price related slide this week, recording a net three-rig decline since last week.

According to Offshore Data Services' weekly mobile offshore rig count, 150 of the 174 mobile offshore drilling rigs in the U.S. Gulf of Mexico are under contract this week, resulting in a fleet utilization rate of 86.2 percent. Of the 150 contracted rigs, 138 are actually working.

The European offshore rig count increased by one since last week, the result of a rig moving into the area for a work commitment. This week, 110 of the 114 offshore rigs deployed in European waters are under contract and the area's drilling fleet utilization rate is 96.5 percent.

The declining Gulf of Mexico rig count pushed worldwide rig utilization to its lowest level since early 1997. This week, 558 of the world's 609 mobile offshore drilling rigs are under contract. Worldwide offshore rig fleet utilization is 91.6 percent.

Teddy's special note: Bandwidth stocks are hitting new highs everyday. Have a nice week ;-)
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