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

To: Lazlo Pierce who wrote (24723)6/25/1998 9:27:00 AM
From: marc chatman  Respond to of 95453
 
Those idiots. According to the article, the oil company was exercising an option in the contract (which was entered into some time ago). There was no concession by MDCO. Actually, it portends higher rates since the oil company would not have extended if it felt rates were coming down.



To: Lazlo Pierce who wrote (24723)6/25/1998 9:55:00 AM
From: SJS  Read Replies (1) | Respond to of 95453
 
GLM got a "change of grade" this morning to neutral from outperform, SBC Warburg...



To: Lazlo Pierce who wrote (24723)6/25/1998 9:01:00 PM
From: Big Dog  Read Replies (2) | Respond to of 95453
 
Re the MDCO "day rate decline". It is not unusual for a driller to lower the day rate in return for a longer term contract. To me this is good news.

FWIW, I had lunch today with a pal from Offshore Data Services. He says the 10-11 jackups in the US Gulf that ADTI (a turnkey company) has under contract from RB just renewed at 1000/day higher. These rates are reviewed every 90 days.

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