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

To: BigBull who wrote (45930)	6/6/1999 2:14:00 AM
From: upanddown	Respond to of 95453

Its tempting to chase the land drillers since they have generally done better than the offshore outfits but I notice a lot of them are much closer to their 52-week highs than the offshore drillers. I still think the future is in the water and especially the deep water but offshore projects gear up a lot slower than land. In looking for a positive trend in the offshore rig count, we might want to look more to the ODS count of rigs under CONTRACT rather than the BHI count of rigs actually working. BHI has the GOM at 100, down 4 while ODS has it at 120, down 1 so we have 20 rigs under contract but not currently drilling. BHI is more of a view of the past and present while ODS seems to reflect current and future activity. Big has stated that the industry looks more to the ODS contracted count as a barometer of industry health. John