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Rowan Companies plc Message Board

  • kevin_1975 kevin_1975 Jun 29, 1999 12:21 PM Flag


    I don't see where you get over-priced from. Look
    at the balance sheet, the total assets are almost
    equal to the current market capitalization. It seems to
    me that it is about priced right. And this does not
    even allow for future anticipation of earnings growth.
    Lets face it, oil prices aren't going to get much
    lower than they were and we aren't going to decrease
    our consumption much. Exxon is keeping gas prices
    high to help pay for that mega-merger with Mobil that
    was way over-valued.

    Good luck to all
    involved with Rowan but especially to the longs.

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    • I bought into RDC after seeing the CEO on TV
      explain about his company and how it would survive the
      current downturn. Got lucky and bought at 9 and had
      thought about getting out now. But...after reading the
      postings of many of you guys it occurs to me that this
      company has a long way to go; so I'm staying in for the

    • Thats right.. and all over west Texas to the
      Dakotas and east to Mississippi.

      Your Dad earned
      every penny he made...HATS OFF TO HIM.
      Yep, sore
      muscles,tired and ready to eat and rest when you were
      done.Continuous non stop action.

      Rowan still operates
      along those lines..They want to maintain a fine edge on
      their speed and efficiency.They probably have some of
      the finer crews working today.

      The casing
      jobs as you know are non-stop,not a wasted motion,for
      every mechanical function there is a corresponding
      sound and they come in sequence all day and all night
      and you can hear them still sounding off even when
      you were off tower.You never forget.

      I've seen
      cards like that...always laughed, seems to fit some of
      the crews.

      After "experiencing" some of the
      Rowan crews there is no doubt that when your dad said
      no..He meant it.

      Old enough to know..and young
      enough to want more..Great attitude
      hang with

      The best to you

    • Damn I wish I had some cash to buy this! Talk
      about a steal! Drilling is only going up, where else
      can it go? Are people not going to heat their houses
      this winter (they might not if production doesn't

    • my dad is an old casing crews hand from Odessa.
      if you are old RDC man, you know RDC had big permian
      basin presence 50's-80's before exiting the land rig
      business. my dad's crews used to do lots of work for RDC on
      footage and turnkey wells where RDC provided casing
      services etc as part of their package.

      A few years
      ago when I first got in to RDC in the stock market, I
      told dad I thought he should get some money into RDC.
      He listened to all the reasons and said "no." When
      Iasked him why, he said "My back hurts every time I hear
      the word Rowan."

      He said the same about

      appreciate all your comments. agree about performance of
      crews etc.

      re. profile, I just stole most of
      that from an old Baker buddie's phony business card he
      used to hand out in bars etc. as a joke.
      kind of
      juvenile, really.

      too bad Yahoo restricted the
      spaces for entering age (I was gonna put "Old enough to
      know the score, but young enough to want more." Oh

    • looked at your yahoo profile...great

      Have to agree with you on the "paper people" and they
      exist in all corporations , its the nature of the
      beast.( don't really like them..they jade their sons in
      the end if they don't carefully walk the

      The honest men..true again..I was one of the honest
      men watching other honest men from derrick builders
      to maintenance crews.

      muscle...RDC.... sure we did..I worked for them for years and we
      used what leverage we could ...but at my level it was
      wrangling for the best diesel price,wire rope in volume
      but after a deal was struck we never backed

      As an old former "hand" I remember quite well the
      downtimes as well as the good times.The majors in the
      downcycles would offer a day rate that would just cover
      RDC's payroll and other expenses to a degree and the
      company in effect was working for very little.Those rates
      certainly did nothing for the stockholders but the crews
      stayed sharp and we maintained a presence in the

      I do have a problem with what is going on and while
      I hate to see it I am enjoying it at the same
      time.Sounds strange I know but consider what is at stake.RDC
      knew immediately what the BP action really meant.That
      action sent a clear message...We are going to push you
      the first time and run over you the second time.We
      will dictate day rates in the future and this is our
      vehicle.We will keep the large slices of pie and allow you
      to stay afloat but with little profit.This is a
      battle that RDC as well as any other driller has to
      fight and has to win.I am enjoying it because the RDC
      contract writers will prove to be enforcers and effective
      ones.BP has underestimated RDC.

      memories...absolutely...on both doubt..
      RDC must fight ,they
      have no choice.In the end RDC will depend on their old
      sterling record as a first rate driller and will remain
      among the elite , they will continue with or without BP
      but it won't come to that.IMO BP knows they just
      don't have the ground to stand on and will offer a deal
      and stick to it.

      P.S. buy RDC and sell at
      30+ in early 2000.Geo laid it down for everyone and I
      really believe he nailed it.

      As I have stated
      before these opinions are mine alone and the RDC brass
      has better things to do than talk to old hands whose
      time has past.Still betting on the

      The best to you Morninreport

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    • I'm not disagreeing with any of the points you
      make. But I think we have to keep in mind that we are
      talking about "Paper People" (ie. corporations) here, so
      matters of "good conscience, fair play" etc. are really
      not factors. They're all pirates in the darkest
      recesses of their corporate souls.

      So your
      statements about "character is an asset, what fathers teach
      sons," etc. are true for we individuals and the way we
      conduct our personal affairs, but are not (IMO) germane
      to impersonal entities like major corps. (Just my
      own opinion, yours may differ). With corporations, we
      substitute "contracts, clauses, warranties" etc. for
      individual forthrightness and fair dealing. (As an attorney
      once told me when I suggested we were throwing away
      money by having a man on location to watch what three
      other companies had men on location watching: "Let's
      make sure we have our own honest man their watching
      the other honest men.")

      I'm not saying what
      XON is doing is "right", I'm just saying I don't see
      it as anything to have an ulcer over. It still boils
      down to contractual language, contractual performance
      in meeting warranties, deadlines, etc. I don't have
      a problem with any of what is going on. The lawyers
      will eventually sort it out if it can't be sorted out
      otherwise (it will be sorted out otherwise in the MRL case,
      maybe not in the RDC case).

      I would also be
      willing to bet that RDC has used its "muscle" to hammer
      some of their dependent contractors occassionally.

      So, bottom line, I agree with you a deal is a deal,
      BUT you'd better have a good contracts attorney to
      sort out and interpret or enforce the deal.
      (Fortunately I sold RDC and MRL on good news days before the
      contracts were questioned/broken/disputed.)

      other factor: if you are one of the few drilling
      contractors left, you can hardly afford to be on BPA or XON's
      blacklist. Corporations may be impersonal entities, but they
      have elephantine memories (as does RDC, by the way).

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