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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (31762)11/12/1998 5:02:00 PM
From: marc chatman  Read Replies (2) of 95453
 
Big Dog,

I think the problem here is that some of these OS companies still make money. Perhaps when they start losing money on a regular basis (I hope they don't), they can start trading up to the relatively lofty levels of other cyclicals such as diskdrive and semiconductor equipment companies. <g>

I recall RIG just received a 6 month contract for a 4th generation semi-sub at a dayrate of $160k, and that was coming off a higher dayrate. Anything less than $160k would seem to be establishing a bad trend for deep water. At what point do the drillers stop ordering new semi's? Or perhaps the fabs have to start bidding more aggressively, cutting into their margins.

I won't even think about what will happen to the deep water "plumbers" if deep water rigs start to idle.

By the way, do you have any idea what type of projects will be the first on the chopping blocks of the integrated oils?
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