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: Elmo Gregory who wrote (37366)	2/11/1999 3:37:00 PM
From: VLAD	Read Replies (1) of 95453

Elmo, Excellent post for FLC information. The part that bugs me is that FLC gets bashed for having a lot of leveraged death but all the debt they generated was to fund their deep water projects based on signed contracts from big oil companies. They have already made several announcements on this front which gave me the impression that things are going as scheduled and with no problems. The price of oil doesn't matter in terms of the new rigs just built and currently being built since they are going out on contracts of 2 years or more. Am I blind or am I missing something here regarding the debt situation as it relates to being generated on long term contracts?

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