Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: VLAD who wrote (38220)	2/24/1999 5:57:00 PM
From: John Carpenter	Read Replies (1) \| Respond to of 95453

What I'm saying is that there is an oversupply of rigs and that yes, some of this production will need to come to a screeching halt, in some cases bankruptcy, before the market returns to equilibrium. FLC has many rigs cold stacked- some aren't even marketed because there is no market for their rigs- it's like excess supply garbage. It costs money to cold stack rigs. It costs money not to market rigs. The bills still have to be paid- or do they? The major oil companies have even found ways to cancel some of FLC's so called long term contracts. To court they go.