Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from the line of Kurt Hallead with RBC Capital Markets.
Kurt Hallead - RBC Capital Markets
Good morning.
Kurt Hallead - RBC Capital Markets
My first question is going to be on the jackup market. Clearly it sounds like the tone is improving, a lot of that on the heels of the $80 oil price level. In some calculations [iron] you need about 100 rigs of demand on 2010 for the independent leg, cantilevers. If you start with Pemex and say they need you know five at the low end may be ten at the upper end, you walk through the rest of the world, you referenced India, where do you see the biggest incremental demand for jackups coming in 2010? What two or three markets do you think are going to be the absolute best for you next year?
David Williams
Well, I'll take a shot at that and then see Roger has anything to add. I think you are spot on with Pemex I think they clearly have additional demand, clearly India as they're out for tender now. I think one of the places that has been [where] we would watch very carefully for a long time that's been a big disappointment, even when prior prices were north of a hundred a barrel is Africa and I think clearly we could see things loosen up there and I'm not quite sure how many rigs I could swallow up, but it would be a pile. There has been a lot of work over there that's been held in just advance for more than a year just because of the political condition all up down the coast there. So I think Africa could be a surprise. And frankly, I think there is still possibilities in the Middle East. There are a lot of rigs that are coming off contract in different parts. You know, we've got some exposure at Qatar next year, but that's an active market and as you correctly pointed out, oil prices above $70 a barrel solved a lot of problems. And, so I think the expectation is that if you see or from our expectation is if we see product prices continue to hover or continue to grow, that will create additional demand in all markets. So, you know, it's incrementally you can model it a lot of ways. Not all the rigs that are coming off contract are going to enter the market. Many have options, a lot will be extended, a lot will be pre-negotiated so all of this stuff is ongoing. So you don't have to see 100 tenders to put all these rigs to work, Kurt.
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