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

To: Douglas V. Fant who wrote (33482)	12/23/1998 11:53:00 PM
From: Snowshoe	Read Replies (1) \| Respond to of 95453

Top Stories: Deepwater Rig Overhang Hurts Drillers By Mavis Scanlon Staff Reporter 12/23/98 4:50 PM ET thestreet.com Firm long-term contracts between oil companies and drillers may not be so firm after all. Three contract terminations by major oil companies in as many days have analysts scrambling to cut earnings estimates for the drillers once again, as the cancellations look set to drive deepwater rig rental rates lower. Industry observers are now trying to discern if these contract cancellations are isolated incidents or if they signal a broader trend toward deepwater dayrate deterioration.