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

To: marc chatman who wrote (18289)	4/7/1998 9:04:00 PM
From: Teddy	Read Replies (2) \| Respond to of 95453

NEWS snips from Offshore Data Teddy's note: Its getting worst and worst everyday. I only read the first three articles in today's Gulf section and i became so depressed that i couldn't even read the rest. I am going to my room now to cry myself to sleep. Oh, here's what i read: 1. U.S. GULF: Jackup CLIFFS DRILLING 152 returned to work for McMoran Oil and Gas in Vermilion Block 159. The rig had been undergoing repairs and inspection at Sabine Pass, Texas. 2. U.S. GULF: Diamond Offshore jackup OCEAN SPUR is due to arrive at South Timbalier Block 32 for a turnkey well with Bois D'Arc Resources. The rig, which had been idle, is under contract with ADTI to October 1998. 3. U.S. GULF/TRINIDAD: Texaco extended contracts with Transocean Offshore semis TRANSOCEAN 96 and TRANSOCEAN 97. Texaco extended its contract with semi TRANSOCEAN 96 for three years with years two and three subject to cancellation with a one-year notification. The extension will begin in June and will generate approximately $40.7 million in revenues over the initial year. Revenues over the second and third years are subject to mutual day rate adjustments. The rig, which currently is drilling a well on farmout to Marathon, is expected to remain in the U.S. Gulf throughout the extension period. Texaco also extended its contract with semi TRANSOCEAN 97 for six months beginning in mid-June. Texaco has assigned the semi to British Gas, which is mobilizing the rig from the U.S. Gulf to Trinidad where it is expected to stay throughout the contract extension period. The six-month extension is valued at approximately $21.9 million.