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: upanddown who wrote (45912)	6/4/1999 3:13:00 PM
From: ChanceIs	Read Replies (2) of 95453

HOUSTON: The European offshore rig count fell to its lowest level since 1994, according to Offshore Data Services' weekly mobile offshore rig count. A four-rig decline in the number of rigs under contract in European waters forced the region's offshore rig utilization rate below 80 percent. This week, 86 of the 110 mobile offshore drilling rigs deployed in the region are under contract. European offshore rig fleet utilization stands at 78.2 percent, its lowest level since May 1994. offshore-data.com It appears that the offshore rigs are continuing to decline wordwide, while land (especially gas) is rising quickly. This looks good for PTEN. I would have thought that offshore would have recovered more quickly because the costs to produce offshore are less. This does not look good for GIFI, UFAB, FLC, and FGI/HMAR.

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