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: cherrypitter who wrote (26895)	8/3/1998 11:19:00 AM
From: Big Dog	Read Replies (1) of 95453

The offshore rig sale and purchase market is dryer than the Texas sand. As I mentioned before, there is now a large spread between the "bid and ask" prices for rigs. No one wants to sell, and buyers are afraid to buy. Result is a stalemate. Companies continue to say they want to buy rigs, but they don't want to pay the price. No one wants to sell. The situation will have to get much worse before rigs start popping up for sale. I don't think you will find any of the big American drillers selling anything, anytime. It's not their money. Generally they are industrial asset owners, not commercial asset owners. They are in the business to drill, so they own rigs. European companies are in the business to make money and they don't care if its by drilling or trading. Much different mentality, and that is why you will see rigs come out of internatinal hands and into the hands of American drillers. NOTE: There will be (or already is) graphs posted on the web site that show the historical values of different rig types. Look under "goodies". big jump.to

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