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

To: Andrew Brockway who wrote (40336)	3/18/1999 8:09:00 PM
From: Big Dog	Read Replies (3) \| Respond to of 95453

Andrew, what you touch on is a dilemma faced by drillers. Take a sure contract now at a "low rate", or hold out for a potential higher rate in the future. In the Gulf of Mexico jackup market it's not a problem since most contracts are on a "well-to-well" basis (spot market). It is the international market that is subject to what you refer to. I suspect a driller will take some now, save some for later...basically diversify his fleet (contract wise) in such a manner to be able to benefit from rising prices. It's a gamble though, pure and simple. And will depend to some extent on how bad the driller wants/needs the immediate cash flow. big loosbrock.com