Question-and-Answer Session
Operator
(Operator Instructions) At this point we will take our first question from James West with Barclays Capital.
James West - Barclays Capital
Hi. Good morning.
Danny McNease
Good morning, James.
James West - Barclays Capital
Danny, let me be the first to congratulate you on a long and successful career at Rowan and wish you the best of luck in your retirement.
Danny McNease
Thanks James. I appreciate that.
James West - Barclays Capital
Quick question on the business. As we look at 2009 in the Gulf of Mexico, I think there is a consensus building here that the market at least going to be weaker in the shallow water, perhaps much more so for the commodity rigs than your rigs?
Two parts of the question; first, how do you see this potential weakness playing out for your high-spec fleet? Then secondarily, if it is unfolding like I think most people believe now, do you want to become more aggressive in seeking long term international contracts for your Gulf asset?
Danny McNease
Well. I think James if you look at our high-spec fleet, a lot of those rigs are contracted through next year and like in BP's case, the Bob Palmer is contracted at June of 2009 and BP is already talking just probably extending the year. So, I think the high spec rigs are going to be fine in the Gulf of Mexico.
Like I said earlier in our leaden, we are constantly bidding these rates on the international markets and there is a long-term contract three to five years came up, we would sure take it. Another market that we see evolving of course is the PMEX market. We have people down in Mexico City today talking to PMEX about one of our big oil rigs for deeper water. So, we see that market switching more to the high end type rigs also. So, we think there is going to be enough opportunities around the world. The demand on high spec side is going to continue to be stronger, stronger than it is today.
James West - Barclays Capital
Okay. Then on those international opportunities given where you bid those contracts currently and how the markets evolved in here, do you need to discount those current bids maybe a touch? Or do you think that is your primary bid?
Danny McNease
We are saying, we are primary bid James I mean, we think there is enough opportunities with the high and jack-ups around the world, we are going to be fine. I mean West Africa it looks like it is going to be a big market for us in the future.
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