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Vantage Drilling Company Message Board

happyhorn52 376 posts  |  Last Activity: 6 hours ago Member since: May 22, 2009
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  • happyhorn52 happyhorn52 6 hours ago Flag

    It will be years before we have to worry about an FCPA investigation, and that's only if we survive.

  • Reply to

    Happyhorn, did you dump today?

    by cmeny1977 Sep 2, 2015 8:47 PM
    happyhorn52 happyhorn52 8 hours ago Flag

    No. I have 200k shares and no new money to add shares.

  • happyhorn52 happyhorn52 9 hours ago Flag

    In this market new drill ships are selling for around $300 million each if you can find a buyer. That's about 40% of what they cost to build. Debtors have a choice of either working with Vantage and helping them get thru this downturn or taking over the rigs and operating themselves.

  • Reply to

    Should Bragg Release a Statement?

    by gann.tina 10 hours ago
    happyhorn52 happyhorn52 9 hours ago Flag

    The statement that they released indicated that they feel the cancellation was unjustified, and that they would contest it in Arbitration. Unless they have additional information to release, issuing multiple releases is a waste of time.

  • Reply to

    Happyhorn, did you dump today?

    by cmeny1977 Sep 2, 2015 8:47 PM
    happyhorn52 happyhorn52 9 hours ago Flag

    If Bragg has a strong case in Arbitration there is a chance they could agree to keep the rig working. Possibly pay back the Su bribe and/or work the rig at a reduced day rate.

  • happyhorn52 happyhorn52 14 hours ago Flag

    Bragg needs to keep the Titanium drilling even if it means taking on a contract at a distressed day rate. Just keep all the rigs working and we can make it out of the downturn. As for people being tipped off, the leak probably came out of the Lizard end as we all know that people on Wall Street share information all the time.

  • Reply to

    Goldman

    by gasnotoil Sep 1, 2015 9:54 AM
    happyhorn52 happyhorn52 Sep 2, 2015 9:13 PM Flag

    Opec is starting to sweat! They expected to see low cost producers in North America fold their tents by now and instead they are using technology to lower costs and are getting more oil from each well.

  • Reply to

    Happyhorn, did you dump today?

    by cmeny1977 Sep 2, 2015 8:47 PM
    happyhorn52 happyhorn52 Sep 2, 2015 9:06 PM Flag

    To late to dump! If Vantage files for bankruptcy the stock will go from 7 cents to something like 4 cents.
    Take a look at the long term debt! $330m due in 2017 and the rest due in 2019. We should be able to handle payments with only 1/2 the rigs working if we handle our cash correctly and cold stack idle rigs.

  • happyhorn52 happyhorn52 Sep 2, 2015 12:48 PM Flag

    They either don't want to drill or are looking for a lower day rate. Either way step 1 is sending a letter asking to cancel the contract. Look for then to complete the well they are currently drilling then idle the rig. Hard to answer you arbitration question, but it is probably spelled out in the contract.

    If the Arbitrator finds Vantage is not at fault there are big penalties for cancelling a contract. Recently Conoco-Phillips paid a large penalty for cancelling a drillship contract with Ensco.

    According to Ensco, ConocoPhillips is obligated to pay Ensco monthly termination fees for two years equal to the operating day rate of approximately US$550,000, which may be partially defrayed should Ensco re-contract the rig within the next two years and/or mitigate certain costs during this time period while the rig is idle and without a contract. ConocoPhillips is also contractually obligated to reimburse certain costs that Ensco incurs due to the termination of the contract for Conoco-Phillips’ convenience.

  • happyhorn52 happyhorn52 Sep 2, 2015 12:29 PM Flag

    There are documents (Emails saying keep Bragg out of the loop) that show that Bragg had nothing to do with the bribe. Nobu su paid the Director of International Operations a $35 million bribe back in 2009 to get the Petrobras contract at a time when Vantage only managed the rig. When Vantage bought the rig from Su we inherited the tainted contract.

    If we are lucky, Vantage may have to pay Petrobras back the $35 million bribe, pay a small fine and keep the contract. If not we lose the contract. The question does Petrobras still want to drill in the Gulf of Mexico where the rig is in operation? If so they may keep the rig working, if not this is the easy way out of the 8 year contract.

  • Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

    The cut in the company's five-year investment plan to $130 billion from $221 billion comes in the wake of a plunge in oil prices and a corruption scandal that forced the company to write down about $17 billion of assets in 2014. FUP did not mention any specific salary or work-condition demands.

    The union is against any sale of Petrobras assets and would like to see the company, currently owned by both government and non-government investors, to be 100% owned by Brazil's government. The union also opposes any non-Petrobras involvement in Brazilian oil exploration and production.

  • happyhorn52 happyhorn52 Sep 2, 2015 11:05 AM Flag

    Petrobras is a semi-public oil company with the companies top executives appointed by the government. Over the last 10 years these politically appointed top executives have been shaking down vendors and subcontractors, soliciting bribes to line their own pockets and fund the Leftist Government's political machine.

    Now that they have been caught, Petrobras is once again shaking down these same vendors and subcontractors demanding that they pay back bribes and pay additional fines in order to keep their contracts. It doesn't seem fair to demand a subcontractor renegotiate their contract to a lower rate when Petrobras was at fault for most of this mess.

  • Brasília (AFP) - Evidence gathered against two leading members of Brazil's ruling Workers Party in the Petrobras graft scandal is sufficient for them to face criminal charges, police said Tuesday.

    Prosecutors now must review the evidence against Jose Dirceu and Joao Vaccari and decide on charges against them and 12 others, police sources said.

    Prosecutors suspect Dirceu, a former cabinet chief under ex-president Luiz Inacio Lula da Silva (2003-2010) and a cofounder of the leftist party known as PT, of having masterminded the operation.

    The alleged scheme skimmed billions of dollars from the state oil giant and sent the money to political parties, and people's private accounts.

    On his heels, President Dilma Rousseff has been re-elected, but her popularity is at a staggering low eight percent, with the economy in recession and her government rocked by corruption scandals.

    Rousseff herself has not been accused, but she chaired the board at Petrobras between 2003 and 2010, when much of the alleged corruption was flourishing.

  • Reply to

    Goldman

    by gasnotoil Sep 1, 2015 9:54 AM
    happyhorn52 happyhorn52 Sep 1, 2015 8:43 PM Flag

    This little game of chicken is costing the Oil & Gas industry around $1 trillion a year in lost revenue.

  • Reply to

    Chapter 11

    by atw5545 Sep 1, 2015 6:34 PM
    happyhorn52 happyhorn52 Sep 1, 2015 8:36 PM Flag

    The executives running the company are the ones taking bribes not low level employees. How can Petrobras cancel contracts when they are the ones at fault. In addition there are hundreds of companies involved so cancelling all the tainted contracts will severely damage Operations.

  • President Dilma Rousseff's government denied on Wednesday that it is looking to strike a "grand bargain" with Brazilian construction and engineering firms implicated in the kickback scandal at state-run oil company Petrobras.

    With Brazil facing recession, the government is keen to limit economic fallout by reaching leniency deals with some of the 24 companies under investigation that have halted projects and laid off workers after Petrobras stopped paying them.

    Reuters reported last month that some of those companies, which include the country's top builders, were pressing the government and judiciary to strike a "grand bargain" to minimize the legal fallout.

    But prosecutors say such leniency deals will hinder criminal investigations to punish corrupt executives who allegedly paid billions of dollars in bribes siphoned off overpriced contracts with Petroleo Brasileiro SA, as the oil company is formally called.

    "There is no such big agreement," Brazil's solicitor general Luís Inácio Adams said at a congressional hearing.

    Brazil's comptroller general Valdir Simão said four of the 24 companies have proposed negotiating deals with his office, known as the CGU. They are OAS, Galvão Engenharia, Engevix and SOG Óleo e Gás.

    Like the Brazilian firms, SBM cannot bid for contracts with Petrobras while it is under investigation.

    To reach a settlement with the CGU, the companies must admit wrongdoing, provide information to the ongoing investigations, repay the damage and establish programs for compliance with Brazil's new anti-corruption law.

    Solicitor General Adams told reporters the deals would not obstruct criminal investigations and would instead provide prosecutors with new information.

    The government defends the deals as the best way to get the companies to return the proceeds of corruption to Petrobras or state coffers.

  • happyhorn52 happyhorn52 Sep 1, 2015 10:14 AM Flag

    During times of low oil prices Operators tend to cancel or postpone long term or deep water projects and concentrate of drilling projects that generate quicker paybacks. Vantage needs to see oil return to the $70-$80 range and hold it for awhile to give Operators enough confidence to resume their larger projects.

  • happyhorn52 happyhorn52 Aug 31, 2015 7:13 PM Flag

    VTG along with all of the other deep water drillers are down because Oil Companies will not drill with Brent in the $40-$50 range. We need oil in the $70-$80 range for drilling to resume. The significance of Brazil is that the Platinum Explorer has an 8 year contract with Petrobras so if they cancel the contract Vantage earnings will take a big hit. With a stock price of 14 cents Vantage is priced for bankruptcy, just like EGY is priced for bankruptcy.

  • Reply to

    Happyhorn, any news out today?

    by cmeny1977 Aug 31, 2015 6:12 PM
    happyhorn52 happyhorn52 Aug 31, 2015 7:01 PM Flag

    No news!

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