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: KM who wrote (30318)	10/10/1998 8:31:00 PM
From: Teddy	Read Replies (4) of 95453

RIG COUNT!!!!! !!!!!!!!!!!!!!!!!! Teddy's note: These stocks are heading for new lows. FOR IMMEDIATE RELEASE October 9, 1998 Offshore rig count plunges HOUSTON: The worldwide offshore rig count declined by 11 rigs since last week, according to Offshore Data Services' weekly mobile offshore rig count. Half of the world's 80 idle rigs are in the U.S. Gulf of Mexico. Leading the free-fall was the U.S. Gulf of Mexico, where the mobile offshore rig demand declined by eight rigs. This week, 136 of the 176 mobile offshore drilling rigs in the U.S. Gulf are under contract. U.S. Gulf offshore rig utilization is 77.3 percent, the lowest level since May 1995. The European offshore rig count is unchanged from last week. With 109 of the 113 mobile offshore drilling rigs in the region under contract, European offshore rig utilization is 96.5 percent. Worldwide, 530 of the world's 610 mobile offshore drilling units are under contract. Worldwide offshore rig utilization is 86.9 percent. Why would anyone buy these stocks? Check out the Dayrates and Rig utilization today compared to May 1995... it doesn't take an accountant to figure out that there is 30% more down side to all these stocks.

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