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

To: BoNg-N-BoNg who wrote (23107)5/31/1998 10:39:00 AM
From: Big Dog  Read Replies (3) | Respond to of 95453
 
Re my GOM jackup post of Saturday:

The following was emailed to me this morning from the CEO of a NYSE company in our sector. I communicated to him much the same info as was in my post here.

His comments are a bit unclear so take it FWIW:

"Not surprised by your comments about JU's in GOM. On the other hand I believe some of this relates as much to reduced cash flow and high cost of service equipment as it does to project feasibility. While gas storage may be fairly full (have not checked) kilowatt burn is running quite high. Of course fuel switching also feasible but limited by available resid and clean air act requirements.

Boats in layup. Have heard the same but keep in mind that we have
probably had 20 or more vessels delivered in last few months, including "upgrades and stretches" which are resurrected vessels from other services, like fishing, and larger crew boats which are now serving the drilling markets as well as production."

Is he saying that project feasibility is responsible for the weakness? Sounds like it to me. So what does that mean? These big shots talk like politicians.

The Ever Vigilant Dogged One




To: BoNg-N-BoNg who wrote (23107)5/31/1998 5:03:00 PM
From: JHR  Read Replies (1) | Respond to of 95453
 
NE's GOM exposure.

From their annual report NE shows 32 jackups(150 to 390 ft) and 5 of them active in GOM. They also have 3 submersibles(very shallow water) in the gulf. They also show 6 out of 7 semisubs(deep) in the gulf.

By the way, Austin must be a cultural wasteland, I went to 5 stores trying to find a New York Times with no luck. Could anybody give the bumper sticker version of the article? Thanks.


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