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

To: Lee Fredrickson who wrote (5565)	12/18/1997 1:00:00 AM
From: pz	Respond to of 95453

Lee, Yes the contracts are longer term offshore and also companies have spent huge amounts of money on these leases and aren't about to let them go back. With the new technology of being able to "see" sub-salt with the seismic, there is no way they won't drill those deep water prospects. Also supply and demand is a factor, not many offshore deep water rigs available for the demand, but onshore the demand is great, but not anywhere close to the deep water offshore. A lot of the wells that are drilled onshore are just development wells that can be put off to a later date if they become uneconomical. Regards, Paul