"Collective down time" = down time for all rigs. According to SDRL, The West Aquarius will be down 58, so they would not collect for that rigs' down time.
The article says that insurance kicks in after day 60 of down time, and pays for days 61 to whenever.
"The total downtime for the West Aquarius in connection with this incident is presently estimated to be 58 days. "
Read the West Aquarius article at Yahoo SDRL news -
The article is from Seadrill Partners, 30% owners of the unmoored non-earning West Aquarius.
SDRL itself appears to own the other 70%.
Seadrill Partners says the extra 30 days of downtime won't affect the distribution.
Until it ran to 46.
Right now is the time for shorts to make their play - no divi to even think about.
I sold at open and will rebuy as soon as I think the wee attack is over.
The only company I short is PBR - and that my friends is a winner short.
The date I put on that OGlobo article was incorrect - it was 2/28
1) yep, no damage to personnel - they were all evacuated.
2) Not so sure about damage to environment - happened the day I posted the article.
3) NE's rig was built in 1979 - I included this article because the age of NE's rigs is a prob for them and not for SDRL - NE's had 19 shut downs in Brazil since 2002; SDRL, 0.
To another poster, SDRL finished up $.02 the day that article printed, NE down $.14, Rig down more.
"RIO - The National Petroleum Agency (ANP) on Friday banned the SS-53 platform, the Noble Brazil, contracted by Petrobras to operate in the Marlim field in the Campos Basin off the coast of Macae. The platform heeled (leaned) after incident with the ballast system, with more than 70 workers on board.
Since 2009, We filed 13 investigations have to investigate irregularities in the Noble platforms. We investigate lack of safety conditions at work, poor accommodation, both in comfort to workers, as for hygiene and nutrition, excessive journey and lack of communication of a accident"
Me thinks there'll be more work for SDRL/Seabras
3/1/14 - Oglobo
"RIO - The National Petroleum Agency (ANP) on Friday banned platform SS-53, the Noble Brazil, contracted by Petrobras to operate in the Marlim field in the Campos Basin off the coast of Macae. The platform heeled (leaned) after incident with the ballast system, with more than 70 workers on board.
Since 2009, 13 investigations to investigate irregularities in the Noble platforms have been filed for lack of safety conditions at work, poor worker accommodation hygiene and nutrition, excessive journeys and lack of communication of an accident."
SDRL goes after the higher tech, loser firms:Archer, Sevan.
Seven has 3 rigs running and another in transit and another in the yard, 90% done with no contract.
Sevan can save $130 million by not finishing it, after dumping $400 million into it. The ceo sounded totally dependent on SDRL for just about everything.
Archer is whining about slow down in the demand for their rig services.
Both appear to be losing $$, Sevan is for sure.
Now we add North Atlantic, "SeaMex," Seabras, Seadrill Partners and things get really confusing.
I'm of the opinion that all these companies are using SDRL's name in the market to secure financing, contracts, and maintenance services. SDRL contracts out to regional outfits to get the crews and checks them after training.
Other than SDRL, are any of them, making a profit?
Hell of a time to get out, but this after the fact DD has not inspired me to hold.
How about "profit taking" Glad to see that never positive but literate Gracie is back - she's a good counterpoint to those who want WMC to succeed and continue to pay that 20+% distribution. Now where is Jack Hiller?
First, it's hard to sell 1/2 of 5 ships, but if your talking about SeaMex and Fintech -
is that what you think Fintech will be putting into the joint venture - that and some political savvy and clout in Mexico?
Average dayrate of $164k - two are newbuilds, one is new to SDRL.
The two existing rigs were earning and average of $157k/day under their previous contracts, one of which ended in 2/14, and the other in 1/14.
Congratulations SDRL and yes, very good timing.
From OGlobo today:
RIO - The president of Petrobras said on Tuesday that the company's internal audit began last week to investigate allegations of paying bribes to officials of the Dutch company SBM Offshore by the state, construction of platforms
Have "all day rates" been falling since last week, since last month, since 6 months ago or since last year at this time?
How much have they fallen (%) over any of those time periods?
Where did you get this "all day rates falling" info?
Ball park figures will do.
Maybe they’ll lower the dividend (please, not below $.70), but the heebeejeebee talk affecting the sector is no big deal – the majors (Chevron & Shell) are just trying to talk day-rates down, and it’s about time.
-6% of SDRL’s rigs are leased by CVX & RDS.
For the last two+ years, day-rates have been going up, something had to give, so maybe they’ll go back to last year’s prices and reach equil.
Certainly, that was taken into consideration by management.
I think the earnings report will be a pleasant surprise, increases in all the right metrics, and forward guidance will be “cautiously optimistic.”
The Q4 report will include 6 big $$ drill ships that started operation in q3, as did a few more jackups, in Q3 and Q4: New money in the bank.
20 of SDRL’s of SDRL’s 53 rigs are off lease later this year, 12 of them jack-ups. All of these rigs are less than 7 year old so, if there's bidding, they will get the higher bids.
17 rigs are under construction.
Hope that Sevan is worth all the expense, they had big debt.
time to wave the secondary offering card - might help.
One seems about due, but will WMC's pps fall on the news - maybe not ...................
shorts should be quite unhappy - and trying everything they can to get WMC's price down before the next distribution. "Come on shorts, double down tomorrow - I need some cheap shares.
by the way, Interest spreads are only improving (if you're long).