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

To: RGinPG who wrote (12737)	2/24/1998 5:44:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 95453

Keep in mind, we want offshore rig counts to be flat. If they begin to rise at this point, someone is adding extra capacity and dayrates will begin dropping. Also, the recent oil scare could actually be bullish for the sector and lengthen our window by 1 to 2 yrs because many are now afraid to expand cause of the recent drop in crude. Banks are fearful to finance rig building in this uncertain (yet L-T bullish) atmosphere. ie- dayrates will explode again because everyone was too afraid to add capacity, and it will come back to bite the oil co's in the a??!!!!! -Lucretius