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

To: Thean who wrote (7779)	1/12/1998 9:46:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

A few news bits... The Rigmar 151 was the rig that sank while being towed to the US Gulf from Brazil. It was owned by TransTexas (whoever that is). The rig sank off Grand Cayman in 1900-ft of water. This was an old peice of sh** rig. I was on board it in about 1989 and it was in bad shape then. But for us, this is good news...one less rig in the world. MDCO's MARINE 700 hull has arrived at FGII's yard in Pascagoula after transit from Norway. MDCO had a blowout while drilling for Hall Houston with jackup MARINE 15 in about 75 ft of water. Rig evacuated, well control operations underway, no injuries. NE jackup LEONARD JONES to move out this month for a contract with UMC Petroleum. The rig is at FGII's yard in MS. This will be the first work for this rig since 1989. RIG is not exiting the international turnkey business. They are able to get multi-well deals to offset risk in intl areas.

To: Thean who wrote (7779)	1/12/1998 11:37:00 PM
From: RGinPG	Read Replies (3) \| Respond to of 95453

I've heard others say on this thread that earnings in these drilling and service companies are not tied to the price of oil. Maybe not, but their stock prices sure seem to be (at least short term). I have a chart of the price of oil (Light sweet crude) superimposed on a composite of the drillers, and they seem to correlate pretty well. When the price of oil drops significantly, there seems to be a time period for the fund managers to get over sticker shock, and then the stocks go back up with or without the oil prices. It seems we are in the sticker shock phase. I'd like to upload this chart for this thread to look at and get feedback. Any ideas on how to do that?