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

To: oilbabe who wrote (54333)	11/10/1999 6:42:00 AM
From: oilbabe	Read Replies (1) \| Respond to of 95453

SOURCE: Bassoe Offshore Consultants Ltd. Deepwater Rig Market Sees Strong Future Demand, Says Bassoe Offshore Consultants EDINBURGH, Scotland, Nov. 10 /PRNewswire/ -- Prospects for ultra deepwater rig owners over the next two years are excellent, according to a new report by UK-based rig consultants Bassoe Offshore. Despite an almost 50% increase in the number of ultra deepwater rigs entering the market in 2000, utilisation is forecast to remain above 90%, and could hit 100% as growth in demand for drilling in more than 5,000 ft of water continues its upward trend. Drilling off Brazil is expected to be particularly strong. Already operators are testing the market for rig availability to satisfy their commitments with Petrobras under joint venture agreements signed earlier this year. Following talks with every E&P company in the world Bassoe has found that those operators who have contracted ultra deepwater rigs are increasingly less willing to sublet substantial amounts of rig time. Instead their preference is to release a rig for one or two wells in the knowledge that the rig can be quickly switched back to their own work programmes. The study, which is 78 pages and priced at $1,050, is available from November 8th by contacting Bassoe Offshore Consultants in the UK on +44-131-556-0606. SOURCE: Bassoe Offshore