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

To: jim_p who wrote (75835)	10/9/2000 11:39:41 AM
From: Think4Yourself	Respond to of 95453

I think of the NG supply/demand situation like blowing up a bicycle tire with a pinhole in it. The pump is supply, the tire pressure is demand, and the pinhole is depletion. To maintain a steady low pressure requires a certain amount of pumping. As the pressure increases so does the amount of air escaping through the pinhole, thus one must pump faster to maintain the higher pressure once it is reached. In summary the effort to maintain the supply will be considerably more than in the past due to the increased demand. As such I would expect a higher level of drilling going forward just to maintain supply. This is why I don't trust the industry insiders that much. They tend to rely on their experience, which will cause them to draw the wrong conclusions As evidence of this I point out that most insiders don't understand why all the increased drilling is not having a significant effect on supply. OT: That money leaving tech today is definitely looking for value. My portfolios all up nicely today.

To: jim_p who wrote (75835)	10/9/2000 11:53:05 AM
From: Jon Cave	Respond to of 95453

J. Ray McDermott Awarded Bayu-Undan Contracts B: J. Ray McDermott Awarded Bayu-Undan Contracts NEW ORLEANS, Oct 9, 2000 (BUSINESS WIRE) -- J. Ray McDermott, S. A., a subsidiary of McDermott International, Inc. (NYSE: MDR), has been awarded contracts by Phillips Petroleum (91-12) Pty Ltd to perform work on the Bayu-Undan gas recycle project in the Timor Sea. The scope of work involves the supply, transportation and installation of two eight-leg jackets, each weighing approximately 10,000 tons. Additionally, J. Ray McDermott will also transport and install the project's wellhead platform, flare tripod, bridges, infield pipelines, anchor system and the Floating Storage and Offtake vessel (FSO). Work is scheduled to begin at J. Ray's Batam Island facility in early 2001. The Batam facility is one of the largest suppliers of platforms to the offshore oil and gas industry in the Far East. It is a fully integrated yard with the resources and capability necessary for supplying the two jackets. Both jackets will be transported on J. Ray's 650-class barge and will be launched in succession, a unique approach that is cost-effective. The combination derrick and lay barge, DB30, which has a lift capacity of 3,100 tons, will perform the installation work. "We are extremely pleased to have been selected by Phillips Petroleum for such a world-class project," said Kurt S. Nelson, vice president and general manager of J. Ray McDermott, S.A. "We are fully committed to provide quality services and a safe working environment throughout the course of this project." Bayu-Undan is a gas and gas condensate field that contains estimated recoverable reserves of 400 million barrels of condensate and liquified petroleum gas (LPG) and 3.4 trillion cubic feet of natural gas. The field is located in 262 feet of water approximately 310 miles northwest of Darwin, Australia, and 155 miles south of Suai, East Timor. Full commercial production is scheduled for early 2004. More information on the project can be found by visiting the Bayu-Undan website at www.bayuundan.phillips66.com J. Ray McDermott, S.A. is a leading worldwide marine construction company. Its services include design, fabrication and installation of spar platforms; design and installation of subsea facilities; design, fabrication and installation of new and refurbished bottom-founded offshore platforms; and installation of offshore pipelines for the oil and gas industry. Editor's Note: From 1974-1999 the Far Eastern operation has laid 658 pipelines totaling 4,016.7 miles throughout Southeast Asia and Australasia, and supplied and installed more than 272 structures (1979-1998). The Batam yard has supplied more structures for the offshore industry than any other facility in Southeast Asia. This record includes the region's largest structure, the 19,000 ton Goodwyn jacket. Today, the Batam yard and marine base occupies 207 acres on Batam Island. J. Ray McDermott, S.A.'s Eastern Hemisphere Regional Headquarters is based in Jebel Ali Free Zone, in Dubai, UAE. Visit our website: www.mcdermott.com