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

To: NucTrader who wrote (27252)	8/6/1998 8:28:00 PM
From: Snowshoe	Read Replies (2) \| Respond to of 95453

Venezuela now said to be shutting down 74 rigs... Venezuela oil cuts force 74 drill shutdowns-paper biz.yahoo.com

To: NucTrader who wrote (27252)	8/6/1998 8:33:00 PM
From: Snowshoe	Read Replies (1) \| Respond to of 95453

TheStreet.Com article on GLM's problems... Top Stories: Global's Strategy Drills a Dry Hole By Mavis Scanlon Staff Reporter 8/6/98 5:37 PM ET As the market for drilling rigs heated up throughout much of 1997, it looked like a great strategy. Global Marine (GLM:NYSE) leased 15 jackup rigs on long-term contracts to ensure its turnkey operations would have enough equipment to meet customers' drilling needs. But by early this year the jackup market, which focuses on shallow water, had turned south, and Global's strategy turned and bit the company. Global, it turned out, had too many rigs on its hands. Today, several are idle. In addition, Global is losing money on its working turnkey rigs. It's paying $10,000 to $12,000 more per day to rent rigs than it is receiving under its turnkey contracts. (Turnkey operators, which provide complete drilling services for a set price, rent rigs to cut overhead.) Global's rigs were leased primarily from Falcon Drilling (FLC:NYSE) and Marine Drilling (MDCO:Nasdaq). Full story (requires subscription to TheStreet.com)... thestreet.com