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

To: shust who wrote (19115)	4/15/1998 8:38:00 AM
From: sand wedge	Read Replies (1) \| Respond to of 95453

I sure hope this is the sign of a trend: NOI biz.yahoo.com

To: shust who wrote (19115)	4/15/1998 8:46:00 AM
From: marc chatman	Respond to of 95453

ESV has 10 barge rigs under long term contract to PDVSA; expiration is over the course of 1998 and 1999. The contracts give PDVSA the option to buy each of the barge rigs upon expiration. ESV indicated in its annual report that it was seeking to renegotiate extensions on the 4 contracts expiring in 1998, but that if PDVSA exercised the options, ESV would recognize a gain. I suppose the economics of these transactions were worked out years ago when ESV built the rigs, probably financed against the long term contract with purchase option. By the way, ESV is currently building 3 additional "enhanced" barge rigs. The ave. day rate for its barge rigs last year was $22,628.