Amerada Hess Day Rate Hedge numbers

Attached are the historical numbers for the Semi-submersibles 4th and 5th
generation day rates. Their price is 155,000/day for the next 4 years. I
would think that a floor of $100,000 would be the place to start Jan 1, 2001
through Dec 31, 2004. We need to know the Call strike that would make it
costless.

I plan on making some examples discussion purposes to discuss with them on
Friday of this week. I will update you ASAP on the balance of day rate
prices. Let me know what else you will need to prepare the statistical
analysis. The numbers include highs and lows; let me know your ideas on how
to address this in the quote.

Thanks,

John
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