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Helix Energy Solutions Group, Inc. Message Board

  • bas32060 bas32060 Jul 16, 2012 6:48 PM Flag

    Teeing off at Bushwood

    Well, it's possible that the legacy of Al Czervik from Caddyshack is alive and well ( no pun intended) striking oil at Bushwood...I guess he isn't a tremendous slouch after all......Only Judge schmails is....

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    • In referring to another "Q+", I was not talking about what they had already announced and started building. I was referring to "another" Q+ in essence a 2nd "new-build" if you will.. With the earnings announcement today that they had acquired a "drillship" for conversion to a well-intervention vessel, the company answered my thoughts..As for the rest of your perspective, I appreciate your thoughts on the vagaries and psychotic nature that is the stock market for sure.

      With regards to the balance sheet, I would say without the debt and with a solid cash position, they can afford to make strategic acquisitions in markets where they have a definite advantage. Think about this Drillship conversion announcement today...Day-rates for drillers run 400k-500k per day. Well intervention day rates are 200-300k per day. If you have the demand and contracts for work, you buy the ship and convert to your own IRR...They have done this and I believe it is a huge step in the right direction... Add the "Danny II" and you have continued balance...Market will do with HLX what it has always done with HLX...

      I do agree that Remington will show it isn't a "sunsetting" E&P investment and as such will continue to keep HLX alive and well as a bridge to the future direction the company is taking...However, the valuation of HLX will not improve in a falling Oil pricing environment and as such the faster they bring the service side into the majority of EBITDA, the faster the multiple will expand...Until then, we are stuck in a trading range around book or slightly above

    • The “Danny II” seems to be good news on the horizon and I’m anxious to hear the rest of the story. At least it’s a 1,000% better news than a dry hole. The fact that production is anticipated by the 4-qtr 2012 is very good news as far as timing to 1st barrel and savings on upfront facilities cost. It lies in a field where we already have production and it looks like lots of the needed infrastructure already exists. The additional production with “Danny II” should also reduce the amortization cost of original “Danny” and “EC-381 platform”.

      Old Watchdog

    • Great well!, 9k PSI!

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