They have access to loans. Question is whether they can manage the expenditure to develop the Angola asset. Hiedelberg is producing and Shenandoah is being developed too. Would have been good to bank the agreed amount from Sonongal.
Is it just me, or do the results seem underwhelmibg....kicking the can down the road. No new contracts. Revenues looking ok due to one off termination amounts?
I don't see why they don't save themselves a further $5.5mln by wiping out the pathetic $0.01 divi.
3Q results are going to look bad unless there's some surprising new increase in the backlog.
Thankfully no one hurt...BOP was activated....that can't be undone, right? It crushes the riser....one can't help but think Husky got what they deserve for turning their back on SDRL
Everything averages out long term I bet.....but the EIA report showed smaller decline. Not saying its a given, but wouldn't get excited by API reports.
In terms of Seadrill coming through? Not sure. Whilst I'd love to believe that so I could transfer my larger ESV holding into SDRL, I'm just not convinced with the current picture. In fact, there's reports that demand is waning and the Saudi's pumped just that little bit more last month.
I was doing a bit of research which ended up in me #$%$ myself. There's a lot of offshore drilling companies.....non-US too, all competing globally.
RIG's backlog is impressive.
I think if a director leaves abruptly, then that's cause for worry. But leave because you're being replaced.....that's a different story. CEO has allies they trust and can work with, possibly believe in. Of course they could just be crooks nd cream more money off the books. Time will tell
API figures are slightly isiosyncratic. EIA numbers today which tell a more accurate picture. What I find interesting is, why analyst say they're confused why storage levels at depots are rising, yet production in the US is falling.
Let me think........OPEC is pumping cheap oil as if there's unlimited supply.......perhaps we could buy as much oil as possible....store it....and then as wells deplete in the MidEast, US can sell some back at a higher price......
Does raise a concern that the lack of investment in new discoveries is still not prompting more drilling. You can't tap oil for refiners without a time lag
Find it weird the company media team doesn't provide more frequent updates......anything to keep hopes up.
Instead,the RNS shows management acquiring substantial stock as part of their compensation. Hardly see them risking their own cash when the stock price is so low and hedge funds are dumping the stock as if its illegal waste
Anyone seen the news that Stone walked away from the EsV rig which had a remaining $150mln backlog? There's some funny compromise of keeping the inital $5mln deposit and some future $5mln payment....total termination amount is $20mln, but didn't quite understand whether its all now or not. To me, the message it sends out is .."we can walk away from you contracts and you're not going to be able to do anything about it" . Petrobras did the same thing, citing bribes. Petrobras is looking for scapegoats
I'm confused. Why didn't we see anything on the CIE website dated 22nd June? The 1st Qtr results mentioned they'd completed drilling, but no test results. Are they allowed to or is Sonangal only allowed to do so?
Market didn't like the reaction.
So 8503 is being marketed for work or stacked? I really can't tell how much ESV is getting...is it $20m/10m/5m?
Losing $150m backlog just sets a an example to other producers to pull the same stunt. I still don't see what obligation Stone have to contract ESV in the area until 2019. Who's going to chase them and how much will ESV lose in litigation?
Its a case of ESV needing them more than them needing us.....too many available rigs looking for work offer lower rates.
I'm with oilexplore1. Though I don't think the reports of $50bn hole are true, I wouldn't be surprised if there's a few billion missing.
Installing the president's daughter doesn"t get the deal done quicker I'm afraid. She has too much responsibilty in her other 'pies' to take on another top job.
The investigation into the finances means a deal to closing the Sonogal transaction.
Supposed to close in 3Q.....so let's see what happens. Not like my stock which I bought at $24, is going to change in value in meaningful amounts if it happens are the SP crashes
I'm not convinced this deal will happen. The Sonogal lmanagement shakeup is very disruptive. Installing the president's daughter as CEO wasn't the wisest decision.....one of the richest women in Forbes......but question marks over her credibility
Not sure this company will go BK, since it has quite a bit of cash on hand. Its Capex is low in comparison to other oil companies. CIE have proactively managed their spending and debt. Unless the lawyers bleed this company dry, the only negative I can see is delisting. I think our stock is buried now, but the company will still function if it can retain the talent. Hiedelberg is still making money, if not billions, so it dents the capex requirements.
From a stockholder point of view, look elsewhere. From the point of the company dying a scandalous death....I don't think so. That's if anyone cares.
I'm very long in this stock, but somehow feel the market will punish this stock ffor being headquartered in the UK.....even though being so has little impact.
Only positive from my point of view is if leaving Europe, paves the way for easier contracts with less overheads or bureacracy than being in it. Which probably doesn"t sound good given what happened to BP
I can't see the Angola thing going well......this new Chairwoman has too much bad publicity........either she'll make life difficult and void the contracts, or tire oil majors by delaying and doing the bear minimum.
Yup.....I except that. Why wouldn't you. Would need a major oil shock to force higher dayrates. Actually, was amazed at the number of rigs in the market which are 25years old.
I feel that with these lower rates, share price will only meaningfully pickup with lower costs, and increases in dividends. Boy! I miss 75cents per qtr
News of the DS6 being deployed in Egypt to start work is positive. This was captured in the fleet status report, but no mention of which project.
Great that an oil major is sticking with ESV.
Love to know when fresh contracts might be awarded.....crystal ball doesn't work so good these days.