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Gold/Mining/Energy : Pride Petroleum Services (PDE)
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To: DEER HUNTER who wrote (383)2/28/1999 1:59:00 PM
From: Raye Derickson  Read Replies (1) of 454
 
Hey guys...new to the thread and lookin' to bottom feed on some babies thrown out with the bathwater with the oil drillers. I don't care if my money sits for awhile as I'm too contrarian to avoid good companies in a crappy sector. PDE looks attractive, and I was wondering if anyone can comment on the status of those six Amethyst semisubs under construction? Any news on when they'll be done? I'm gathering they will reap some decent revenues eventually.
Referring to the nifty "Rigs Report" on the Oil Online website, Pride Offshore has a healthy number of semisubs/drillships once all the construction is completed. Although some of these are joint ownership with PDE (the drillships?), I'm trying the possibly too-simplistic approach of evaluating each driller's semisub/drill-ship portion of fleet to gauge future dayrates, while looking at cash assets/debt to size up the company's ability to weather this North-Atlantic winterstorm-sized depression in oil stocks.
Is it safe to believe that deep-water dayrates will remain much larger than shallow rigs' rates? Or will they get knocked down considerably after the current contracts expire?
Thanks in advance for any educated responses and/or guesses!!
Raye
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