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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (5404)	6/23/2001 7:25:25 AM
From: kollmhn	Respond to of 23153

There have been some earnings estimate reduction but they are very marginal and those eps continue to show growth. In any event, at a recent energy conf. this came out: Executives of leading jackup companies such as ENSCO International Incorporated(NYSE:ESV - news), Global Marine Inc.(NYSE:GLM - news) and National Oilwell Inc.(NYSE:NOI - news) told investors on Tuesday that current demand had leveled off at close to full capacity. ``Offshore rig utilization is at 98 percent,'' Banc of America's Wicklund said, citing the imminent departure of six to eight rigs leaving the Gulf of Mexico for the pricier contracts of West Africa this year. Energy hedge fund manager Iain Smith puts the number of Gulf Coast jackups leaving for other waters at between eight and 12, which he expects to pressure day rates. Also pressuring the jackup market, is ``a handful of idle rigs,'' seasonal decline for exploration and production that should pick up in the third quarter, and the effect of majors such as Chevron (NYSE:CHV - news) and Andarko Petroleum(NYSE:APC - news) dropping a few rigs, Smith says will be picked up again in a few months.