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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Ox who wrote (37514)2/13/1999 12:48:00 PM
From: Mike from La.  Read Replies (1) of 95453
 
Don't know the answer to those questions. My point is that the '80's recovery took so long because it followed such an extensive period of e&p, the production from which flooded the market for years, and way too many speculative rigs. Most of the present day rigs are still the old rigs, very few new rigs, except deepwater, We still have a very old rig fleet. Once the demand for rigs starts growing again, hopefully within our lifetimes, a rig shortage may be in the works. Seems hopelessly in the future to think about a rig shortage, but the more severe the cutbacks now, the more severe the counter action, but that's what the long term investors are all about.

Mike from La.
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