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.
Check out the company called U.S. Funding. I
invested in their private offering for Emsanet � A new
internet service provider. When I called U.S. funding they
told me that Emsanet should be a profitable investment
because they only charge $12 a month for service, have
zero debt, plan to be profitable before they go public
& plans to pay dividends before they go public.
They are selling 1,000,000 shares at three dollars and
fifty cents a share with a minimum investment of
$3,500. The company plans to go public at the beginning
of 2000 at around $20 a share. You can contact them
by calling toll free (877) 387-3863 or you can
e-mail them at firstname.lastname@example.org. If you e-mail them
make sure you give them your daytime phone number.
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.
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.
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.
cards like that...always laughed, seems to fit some of
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
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
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.
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 sides...no 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
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.
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).
The hot stock pick of the week -
Analysts predict strong buy on TTRIF
and target price
for TTRIF is $0.30
1) New Management team will
start a stock repurchasing
Program soon and will
aggressively pursue new plants.
2) Expect revenue to
increase and business expanding
* secured $200 million
in long-term debt financing
* begin to see profit
& earning for the1st Qty of 99
* more plants
are going to be built in Japan, Korea, Germany
big institutions are buying this stock.
stock is going to be very hot and is about to
Detail call 800-377-5085 (investor relation)
is coming out soon!!!