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

To: Lucretius who wrote (14349)	3/10/1998 9:34:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

LT, FYI, this is from Schroder's 10/30/97 report on NE: In addition to the EVA program, Noble is proceeding with the refurbishment and upgrade of the previously cold-stacked semi-submersible, the Shelf 4. The rig is currently being mobilized to the Gulf of Mexico from the North Sea and is expected to arrive in a Texas shipyard by late November. The rig will be upgraded to a moored unit capable of drilling in water depths of up to 4,000 ft at a projected cost in the range of $150 million, and an anticipated delivery late in 1999. Although NE has not signed a contract for the rig, it expects to secure on before significant work on the refurbishment and upgrade is completed. Given the demand for deepwater rigs from several markets, we think the company will be successful in contracting this asset. regards, Baird