Long on deepwater

Transocean's CEO Bob Long's comments on deepwater:

Positive Long Term Deepwater Outlook

Near Term
* Limited availability of deepwater capacity until 2011
* Strong recent fixtures
* Vantage/Petrobras eight-year contract
* Dryships/Petrobras three-year contract
* Uncertainty in the markets is preventing near term commitments by operators
* Decreased urgency to sign forward start contracts

Long Term
* Expect stronger deepwater rig demand than previously anticipated
* Industry fundamentals will remain strong

Transocean's Howard Weil presentation(.pdf)