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

To: Big Dog who wrote (2738)	11/5/1997 1:29:00 PM
From: Czechsinthemail	Respond to of 95453

Mike, I'm curious about the economics for semis, particularly newer generation rigs, compared with jack-ups and shallow water rigs. I gather there is a greater shortage driving up rates on the deep and ultra-deep rigs, but how does the economics play out in terms of a rate-of-return on the cost and maintenance of the rigs? Also, I'm wondering about the relative rates of return on newer vs. older fleets. I've heard discussion that current dayrates haven't yet hit cost of replacement. Does this mean older fleets are more profitable? Baird