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To: SliderOnTheBlack who wrote (31504)	11/5/1998 9:32:00 AM
From: marc chatman	Respond to of 95453

I agree. But that "matter of time" depends on available cash and credit. Extremely low interest rates should, in theory, be a big boost for rig construction, particularly the semi-subs. But the financing is essentially back-to-back against long term contracts for deep water projects. And we all know what drives those long term deep water projects. Also, consider the rebound in SE Asian countries. Many of the new rigs are being built in shipyards in Singapore, Korea, etc. Plenty of competition.