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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (121410)	6/4/2009 10:17:51 PM
From: GaAs52	Read Replies (3) \| Respond to of 206110

A wreckage in the jack-up market? After all I hear and read about shale gas and ng production, I wonder when will GOM jack-up market cease to exist? The jack-up wreckage is spreading worldwide: Some data from rigzone, June 4, 2009: Total Jack-up fleet: 446 + 61 under construction 299 drilling. 67 ready-stacked. 30 cold stacked. If you think the ready stacked ones are old junk, consider that. 35 of ready-stacked J-ups have capability >300 ft water depth. Back in May 2007, the numbers were: Total Jack-up fleet: 404 + 71 under construction 324 drilling. 14 ready-stacked. 14 cold stacked. Looks like, J-up market is damaged for the next decade. I still wonder why RIG, a pure deepwater, bought GSF, mostly a J-up company, with such a high premium. Just to stack all these J-ups now? Oh, it was the Goldman, as the underwriter for this deal and RIG's debt leveraging.