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Transocean Ltd. Message Board

  • knumbz knumbz Jul 31, 2014 10:21 AM Flag

    ESV reports quarterly loss over $5/share on offshore rig asset write-down


    Ensco bit the bullet and recognized non-cash rig value impairments, thus tanking the quarterly results:

    The auditors of the other drillers surely will compel them to take asset write-downs too. The RIG fleet has more dogs and cats than Ensco.

    The offshore drilling biz is in the tank with no end in sight. Share values could easily drop by over 50% within a year IMO

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    • A tip for you .. buy when things look bad. If you want to sell, only Sell when things have been going well for awhile. I like the RIG dividend and feel a good time to accumulate is when the cyclical business is down.
      Its such a shame to see people lose money selling low and giving up such a nice dividend because they dont understand a cyclical business like rigs

      Sentiment: Buy

    • You are exactly right. RIG also has $3 Billion in GOODWILL on the balance sheet - when will their CPS's require them to write this bogus "value" off. Also, their idle ultra deepwater rigs should be impaired.

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