I wonder if the downgrade by Goldman was due to Hercules Offshore announcing that it has entered into a drilling agreement with Maersk Oil North Sea UK Limited and Hercules ordered a newbuild jackup rig to develop Maersk Oil North Sea’s Culzean Field in the Central North Sea. The five-year contract is valued at around $420.0 million (including about $9 million as mobilization fees) and is expected to come into effect from the middle of 2016. Hercules Offshore would be the owner and operator of the newbuild.
How about that Sonangol contract being terminated.
Pursuant to an agreement with the customer (CHEVRON?), the Company will not have any contractual exposure to the customer as a result of the Contract termination. Also as a result of these circumstances, the Company will voluntarily forgo a three-year contract award it previously received in Angola for the Hercules Triumph.
Have to wonder why Chevron would be willing to let them out of the contract? Have to wonder why Rynd was so willing to kill the deal as well.
Is something better coming along? Is Goldman trying to help clean up an ugly naked problem?
the north sea contract is worthless because there`s not going to be any drilling allowed there thanks to the enviromental communists,their taxing and regulating it out of business,that`s the real reason for the big dump.