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Olin Corp. Message Board

enoch150 2 posts  |  Last Activity: Jun 15, 2015 2:43 AM Member since: Oct 1, 2003
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  • Reply to

    Petrobras exposure

    by stan1736 Jun 12, 2015 4:16 PM
    enoch150 enoch150 Jun 15, 2015 2:43 AM Flag

    PBR has been paying its bills. Maybe PBR doesn't renew the contracts. Maybe some of that backlog is options that PBR chooses not to pick up, as happened to SDRL. Maybe PBR asks to renegotiate for a longer term with a lower day rate. If the contract is any good, PBR shouldn't just be able to cancel the contract without paying a penalty, and who wants to pay something for no service? But in that case, which I think is unlikely, Ensco's floaters would be out of work and that's been tough to come by lately.

  • Reply to

    Petrobras exposure

    by stan1736 Jun 12, 2015 4:16 PM
    enoch150 enoch150 Jun 12, 2015 11:26 PM Flag

    4 floaters which brought in $122.7 million in revenue in Q1 (10.5%) and account for 15% of the backlog.

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