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Beware jackup capacity.
Publication: Oil and Gas Investor Publication Date: 01-AUG-05 Author: Toal, Brian A.
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COPYRIGHT 2005 Hart Publications, Inc.
The current worldwide capacity of jackup rigs is steadily increasing, with 32 new ties either under construction or scheduled to be constructed during the next four years. But that number could increase to 52 if additional shipyard options are exercised.
This has caused Houston-based Simmons & Co. International to reassess the jackup-rig market and, in particular, the stocks of those drillers that have a high component of jackup rigs in their fleets.
"Our view is that customer demand will easily absorb and, in fact, outstrip the growing supply of jackups over the next 12 to 18 months," says analyst Scott...
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