Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Buckey who wrote (14079)	3/8/1998 8:34:00 AM
From: Teddy	Read Replies (1) \| Respond to of 95453

RE: estimate on what the rate would be for the SAIPEM 7000. John, I never heard of that before. Thanks for mentioning it, I like to learn something new every couple of hours. As best as I can tell (and I didn't spend too much time on this) it is not leased by a dayrate: It is operated by the company, and just included in the cost of a total construction contract. I might be wrong, I guessed that by reading this: eni.it For Americans interested in investing in Saipem, I think you have to buy the ADS of ENI S.p.A. I guessed that from this: A meeting of the Board of Directors of ENI S.p.A. ("ENI") held today approved a project that which involves the following: An increase in the share capital of Saipem S.p.A. ("Saipem") of between Lit. 300 billion and Lit. 400 billion through the issuance and sale by Saipem of ordinary shares ("Shares"). The preemptive rights to the newly-issued Shares would be waived in order to allow further professional investors in Italy and institutional investors outside Italy to become shareholders of Saipem. The sale by ENI of a number of Shares sufficient to reduce ENI's direct and indirect ownership of Saipem's outstanding share capital from the current level of approximately 66% to less than 50%, but in no case less than 40% (taking into account the dilutive effect of the newly-issued Shares). The precise number of Shares to be sold by ENI will be announced during the offering period. At the present time, ENI has no plan to sell additional Shares following the offering. The Shares held by ENI and the newly-issued Shares will be offered, subject to market conditions, in a private placement to professional investors in Italy and institutional investors outside Italy expected to occur in March 1998. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Rome, December 1, 1997 Then I looked at ENI a little, interesting, maybe someone could check this company out. ENI's Exploration and Production of oil and natural gas is conducted through its Agip Division following the incorporation of Agip S.p.A. into ENI in January 1998. ENI activity in other business areas is carried out through its five operating companies: Snam: Natural Gas Supply, Transmission and Distribution; Agip Petroli: Refining and Marketing of Petroleum Products; Enichem: Petrochemicals; Saipem: Oilfield Services Contracting; Snamprogetti: Engineering. eni.it There is a lot of useful and interesting information on that site. Maybe tonight I'll search it some more. OTSandwedge, you and your friends might want to see their operations in the former commie states. eni.it

To: Buckey who wrote (14079)	3/8/1998 9:26:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 95453

John L. -- I have no idea of the rate on the crane you mentioned. However, if you would like to charter it...let me know.

To: Buckey who wrote (14079)	3/8/1998 12:17:00 PM
From: Ken Robbins	Read Replies (3) \| Respond to of 95453

The SAIPEM 7000 sounds like a huge vessel. I worked for McDermott International, a competitor of Saipem, for several years up to 1985. At that time our largest heavy lift vessel had two 5000 ton rotating cranes and could lift over 10,000 tons is the stiff leg mode. Regarding day rates, unless things have changed, most contracts are lump sum with day rates for stand-by time. The last project I was involved in was a platform installation offshore Spain. As I recall the stand-by rate for all the vessels involved in the installation was about $1,000,000 per day.