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: Teddy who wrote (25962)	7/19/1998 10:55:00 AM
From: Grommit	Read Replies (2) of 95453

Rig count comments -- Notice the report tables that 150 rigs are under contract of 174 total rigs. But they also footnote that 138 rigs are actually working. Was that tidbit reported in previous weeks? Anyone know if it is a big drop from prior week or two, if reported? So that means that more rigs will fall off contract in the coming weeks. I heard that 81 contracts are coming up for renewal. Expect them to be falling over each other to get renewed. Dayrates will hit the skids even more. You saw this -- but he's calling for 110 rigs, and expects dayrate drop to spread worldwide. HOUSTON, July 16 (Reuters) - Diamond Offshore Drilling Inc. President Larry Dickerson said ... there were currently about 130 jackup rigs in the Gulf of Mexico but that there was only demand for about 110. source -- biz.yahoo.com ......... You folks have the info, the dog warned you weeks ago that rigs were stacking. I gotta believe that more EPS revisions and press release warnings are coming. For example: I talked to a boat company this week -- daytares in the gulf now at $6,500. Utilization down also. Actual dayrates were $7900 in beginning of June. (Raymond James had ave Q3-98 dayrate at $7500 in their June report. They called it dropping to $6800 in Q1 of 1999. Things are dropping quicker and they will have to revise EPS projections.) If you have not bailed, consider it.

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