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SeaDrill Limited Message Board

  • sl_hub sl_hub Jun 5, 2008 8:54 PM Flag

    PING the Draker

    Drake...from Investor Village re JF's 4 new Jack-Up rigs ordered...

    from IV...

    Furthermore, the combination of deliveries, pricing and expected return is attractive compared to other investment alternatives within the offshore asset market as well as corporate opportunities. The Seadrill Board has specifically concluded that this opportunity is superior to increasing the bid for Scorpion in order to achieve a potential higher acceptance. The four jack-up newbuilds will grow the Seadrill high quality jack-up fleet from eight to 12 units. It is not expected that the newbuildings will significantly reduce Seadrill's short-term dividend capacity. Longer term, dividend is expected to increase as a function of the orders. Seadrill's shareholders should be assured that Seadrill's focus will continue to be on the deepwater segment. However, the Board will continue to work opportunistic in order to seek to maximize return to shareholders based on investments limited to modern drilling assets."

    Draker, can you interpret the statement that..."The SDRL Board has concluded that......to reach a higher acceptance"...???

    Is Scorpion still in play...?...It appears it is...also I will post another good one from IV regarding this very issue...Draker, please comment on both...glta JF longs!

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    • Barb sorry about not getting back to you about the free foreign consignment fees. They assured me there would be no fees. Now so far that I have been with them, there has been none. If there is, there are other places to put your money and if they do it, charge me fees, I'm going over to Noble. It sounds like the place for me with all the JF companies in my portfolio, and being able to deal direct with OSLO, I'll do it in a heartbeat and I told my broker in no uncertain terms, I'd pull my bucks out of them in a heartbeat if they charge me. If you are dealing with a broker who uses Pershing as a holding company, GET OUT NOW! They are rip off artist and use Mellon bank as their front boys. Your SDRL divi will get hit too! KOKO and MO!

    • Drake, I don't have a broker, no office near here I live out in the boonies but we do have Walmart. They gave me 1 mo free trades and I have a call into them and should hear from them Mon. How much free trades do you get anyway. I feel like I've been cheated and would like to barter with them. Did you ask them about any yearly charges with pink sheets. Barb

    • Barb, what do you mean "not getting the same thing". If you mean free trades throughout the year, your broker can set it up where you don't have to use all you trades in the early part of dealing using them. They can "Postpone" a percentage for you for later trading.
      Anyway, buy now while the stocks are down (you know the rule, buy low, sell high)except with GO and Sdrl, there should be no selling. Buy what you can afford to just let sit and accumulate divi's until we hit Nasdaq, Amex, etc then you might want to try and play it, but righ now the smart move is to buy and hold for at least two years. KOKO for MO(re)!!!

    • Sprintmist thanks for the input. I did ask Atrade about charges with pink sheets and they assured me there were none. If I have a problem they will be hearing from me. I pay $7 a trade and that is it and no yrly charges is what they told me. I am sure I don't have quite as big an account as you have to be trading with Oslo direct. We are also retired and trying to make some extra income with JF. I have 3 of his stocks and you have how many. Are you really 92 and still working the stock market??? Barb

    • Hey Drake, tell me again about Atrade re my last message. I'm not getting the same thing. Barb

    • Hey Drake, glad you are feeling better. So you switched to Atrade hey. They only gave me 3 mos free trades then $7 per trade, and $100 per IRA. You say you got 6 mos and 1-2 yrs free trades and how much for trade then? Wow. I just emailed the paperwork yest so should take about a week. If I had known you were there I would have given your name for a recom. I've got a lot of trades to do once I get moved so hope the mkt is back up. Barb

    • Yes, I am a firefighter/hazardous materials responder. Enjoy it all.

    • SL et al...In a nut shell what JF is saying to scorpion is "s of get off the pot" cause we're just fine where we are. Now how about yourselves there, scorp boys?? If you think your stock went up because you are you, then think again and let's see where your stock is in about 3 weeks when we say nevermind to the whole deal. the scorp boys are getting greedy(kinda like Yahoo and microsoft) and like yahoo, there playing a game of chicken where only they can get plucked. JF still owns the shares but once he starts putting them on the market, in blocks, what do you think is going to happen to the share price. Yepper you got it, straight down. Where if he wants to, he can buy them at a cheaper price. Don't know how much free cash scorp has, but I'll bet it's not as much as SDRL. He's already selling some of them I'm sure and if scorp's price stays where it is (which he is gambling it won't) then no problem and JF will just keep on keepin on. IF it drops, heh heh, then the bid drops appropriately. This ain't JF's first rodeo, and he knows that when the shareholders see their value going down to say 65 per share, then they'll say oops, think we'll take the offer afterall.
      I think the real statement of interest is "seek to maximize return to shareholders based on investments limited to modern drilling assets." with limited to modern drilling assets, to be the key to this whole deal. In other words, we are going to buy new jackup rigs that will raise our value as a company as much ror more than buying your assests, so it's money money who gets the money. the new build company or scorpion shareholders.
      For my money, JF is just saying, we have other places to put our money to enhance our company's equity by 33%. How about you scorp? JF can outbid them on every turn and have a tremendous partnership with the brazilians and their off shore treasure trove. And 'oh yeah scorp, and by the way, how are you planning on increaseing your company's value by 33% in two years?'
      Let's just see who blinks first, it happens all the time in JF's world of Texas hold'em, but JF knows the hole cards.
      I'd bet on JF, no matter which way this deal goes.

      • 1 Reply to thedraker101
      • Scorpian BOD tried to sandbag JF in essence by trying to highjack the vote in favor of themselves/mgmt...notice the statement on May 31st (See Scorpion Offshore/Press Release)by the BOD saying that Scorpion has recommended JF (by law) tender 80NOK for the remainder of the Scorpion shares and 4 sentences later state "we are worth more so don't sell your shares"...or some such verbage...what a crock of Terds!...and they have the audacity to be talking about the law when it was agreed to in principle with JF and shareholders...

        I flat guarantee Scorpion dropped their pants for the Petrobras deal at the 11th hour and 59th minute to get their foot in the door project wise...bad timing for JF but he keeps on keepin on...on a side note I guess JF and Troim are back in play regarding TUI (read it yesterday/sorry no link)in Germany trying to split the container shipper Hapag Loyd away from the TUI cruise line business via BOD takeover and ousting their CEO...JF said he'd spin it off...but who gets the shares is anyones guess if it happens...probably FRO shareholders...???...don't count JF out; when he stated there were deals to be done/consolidation he wasn't joking...glta longs!

    • Hubber, the first statements concerning Scorpion and "not increasing the bid per share for the company is a "shot across the bow" from JF and the boys saying to the scorpion board, OK, if you think you're such a hot shot company, lets see how far you share value sinks now that you think your company's shares will not sink back to where they were before we made the bid. In other words, that's our final bid for you company you cocky sob's and good luck bacause the only reason your stock is where it is, is because we made a bid for your stock at 80. All JF and the boys have to do is to start selling the shares they have in Scorp and watch the value plummet. The ball is definently is scorps court now and the longer they continue this attitude (kinda like yahoo and microsoft with frontline being microsoft) the lower their stock will go. At least that's what JF knows will happen. Scorp is still on the radar but if their final vote is no, Scorp will be without a suitor and they will once again go back on the open market with a black eye and shareholders not real happy their share value is dropping every day. Me likey...perfect play on JF's part. Bottom line,, the SDRL board believes that spending money on the jack up rigs, etc (building SDRL's infrastructure as they were going to do if scorp declined the offer) if what we'r'e going to spend our money on and not a company such as yours(scorp), which doesn't have the intrinsic value of 4 jack up rigs. Scorp will either keep growing in the single digits or join with Seadrill and see the value of their assets grow exponentially.
      The game is still on but the line in the sand has been drawn. No sweat off of SDRL's back but anxiety in the scorp camp is growing each day.
      I think the deal will either get done in the next two weeks or JR will start selling his shares in Scorp as fast as is prudent. I really think the best play is to buy Pride and think it will happen but not in the near future.
      JF wouldn't have bought scorp shares if there wasn't a weakness in the company he intrinsically knows about.
      What do you think? I see it as a win-win for SDRL. A lose-lose for scorp.

    • Yet again from IV regarding JF's 4 new Jack-Up Rigs announced today...

      Re: New Jack-up Order (GM/OP)

      You have to Love JF!!! In one move he 1. increased the fleet by four, 2. locked up two yards from building rigs for competitive companies, 3. jammed it to scorpion.

      I have to imagine that this will drop Scorpion's price as its clear JF is not going to raise the bid (although it has not moved much today, just down about 1.5%). Seadrill has been very savvy with their press releases, so I have no doubt that the timing of this announcement, and the very clear statement from the CEO that they will not be raising the price for scorpion is part of the larger game.

      I have to imagine that contracts for 4 rigs from 2 different yards takes a long time to plan and negotiate. In other words, Seadrill did not get the offer from Scorpion rejected yesterday and then say "oh no, now what? Lets quickly order $850 M in rigs." Therefore, they must have been in negotiations for these rigs well before Scorpion rejected their offer. I guess they held the news of these orders just in case Scorpion said no. Now they can play some games.

      Playing the guessing game, I can see two reasons he would do this. Either:
      1. He dumped his Scorpion shares already and does not care about the price drop or is hoping to buy in again cheaper (I don’t think there was time for this).
      2. He still is holding, but he wants the price to drop so his offer looks better. Give him some pressure to get Scorpion to accept the prior offer.
      3. some other reason I cannot come up with, but I have no doubt, there is a plan.

      Draker, interesting thoughts formulated by this OP over at IV...No question JF and the boys have plans, back up plans, and their back up plans have plans lol...they are Chess Masters and are 3 or 4 moves ahead of the field...what do you make of these thoughts...your opinion appreciated...glta JF longs!

 
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