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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: stevedhu who wrote (50438)	9/5/1999 10:19:00 AM
From: sportsman	Respond to of 95453

Watch those forgotten drillers! September 3, 1999 U.S. Gulf rig utilization tops 70 percent HOUSTON: U.S. Gulf of Mexico offshore rig utilization topped 70 percent for the first time since February, according to Offshore Data Services' weekly mobile offshore rig count. As expected, U.S. Gulf rig demand continues to increase. This week, 132 mobile offshore drilling rigs are under contract in the area, a four-rig increase since last week, and a 13-rig increase over the month-ago count. The 186-rig U.S. Gulf drilling fleet's utilization rate is 71.0 percent. The increase in U.S. Gulf rig demand is primarily in the jackup market, where rigs are rated to drill in water depths under 400 feet. At the top end of this market, only one rig is currently available for immediate work. This tightening of the jackup market will lead to improved rig dayrates in the coming weeks. In contrast to the situation in the U.S. Gulf of Mexico, the European offshore rig count continues to falter. This week, 82 of the 108 mobile offshore drilling rigs in the region are under contract, a two-rig decline since last week. European offshore rig utilization is 74.2 percent this week. Worldwide, 466 of 628 mobile offshore drilling units are under contract, a net three-rig increase over last week's count. Worldwide offshore rig utilization is 74.2 percent. For additional information or to attribute quotes on text above: Tom Marsh, Drilling Editor