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To: marc chatman who wrote (16628)3/26/1998 11:27:00 AM
From: andy  Read Replies (1) | Respond to of 95453
 
PR newswire ran a story sept4 (houston) reporting that gorilla 5 due to be completed 3rd quarter 98 had been contracted to amoco for the north sea. Somewhere else I saw a figure of over 200 million for the contract and thought that this was excellent as the rig only cost 350 million to build.

andy



To: marc chatman who wrote (16628)3/26/1998 12:29:00 PM
From: Chuzzlewit  Respond to of 95453
 
One odd note: he said day-rates are at 70% of what they need to be to stimulate new construction of rigs.

Marc, this is a truly odd statement considering the backlogs that the fabricators are having. Several months ago the NY Times did a spotlight piece on Rowan who was building on spec, and I ran some numbers based on info in the piece and it looked like the economics of the situation clearly favored building new rigs.

Regards,

Paul


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