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: James F. Hopkins who wrote (27377)	8/10/1998 11:45:00 AM
From: Les H	Read Replies (1) of 95453

If you go back and read the press releases from Diamond Offshore, you'll find that they said the number of rigs in GOM were 130 with the actual demand for 110. The previous two months, U.S. total rig count had dropped from 960 to 850 in the NS Steel Group press release. These press releases are found in quote.yahoo. Diamond Offshore indicated at least six months for day rates to adjust downward and to spread to deep-water market. >>>June 18 Mr. Borland, Chairman and Chief Executive Officer of NS Group, Inc. stated, ''The climate in the oil patch has changed dramatically. The price of oil has declined causing a reduction in drilling activity as evidenced by a lower rig count. Rig count, the number of oil and gas drilling rigs in operation in the United States, dropped from an average 966 in the second quarter of fiscal 1998 to a current level of approximately 850 rigs.

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