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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Platter who wrote (36309)1/30/1999 11:49:00 AM
From: Gary Burton  Read Replies (2) of 95453
 
ML reduces RIG estimates---99 now 2.65 and 2000 now 1.70 (DLJ is at 1.85 for 2000 as i recall). ML says offshore drilling market won't hit bottom till 2-3 qtr of calandar 2000. RIG numbers reduced due to recontracting plus Brazil tardiness in approving licenses and drilling plans due in part to Petrobras' inability to access the capital markets to fund its deep water expansion. Also, the partnerships between Petrobras and outside oil companies have stalled partly due to low oil prices and partly due to inflexibility by the Brazillian Gov't on the issue of 3 yr exploration terms. Brazil should be the largest incremental user of deepwater rigs by Q3,2000.---wouldn't surprise me if RIG tests 20 eventually. my 2c
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