The rigs may be old, but they've still got about 17 years life in them. Also, they're rated for North Sea work, which not all the new/recent builds are. Once they get the BOPs installed, they'll be as up to date as those new builds, but AWLCF got into them for a whole lot less, perhaps less than half of a new build cost. I still think they will weather this market slump, especially as there's not as much competition for the abandonment work they do.
It wasn't that obvious. In fact, I think WheatonGuy is just too proud to admit he had it wrong, especially since he is his own broker.
The "trolling" answer would have been to say, yes, you still get the dividend, in about 3 months.
The presentation definitely errs on the side of caution. (Something that most publicly traded cos/Wall Street could learn a bit from.)
Hmmmmm. didn't some Chinese guy buy 1.3 million shares yesterday at the closing price . . . ? ;-)
Thank you, Bill, for your contributions to this board (and others) over the past few months. While at times, we were on the opposite side of the trade, I always felt you substantiated your position with well-researched information and thoughtful analysis, and always presented it with grace as well as candour. A real gentleman. You will be missed (if you really stay away).
Got it, WamuHuuu, in English. Looks like 2015 should remain solid, but as you say, the extension on WilHunter remains the question for 2016.
My thoughts: As the abandonment work of the Awilco rigs isn't really that negatively affected by oil prices, perhaps even the opposite, I'm thinking they'll come through fine with an extension, or a new contract.
Bought some yesterday, might buy a little more today.
Down nearly 12% right now.
As I recall, WilHunter is contracted by Hess through Nov. 2015. Gives them 9 months to find another contract, and they could always go into the yard early for the 2 month BOP/maintenance work.
I'm putting in some sub-10 buy orders, and going to sleep. We'll see where this opens in the morning.
Always amazed at the amount of confusion on ex-dividend dates (and record dates).
"Ex-" means without, as in ex-girlfriend. Up until the day you broke up, you might've been getting some. From the following day, the day on which she is now referred to as your ex, you ain't getting none.
I know the challenge, JJ, as over the last 10-12 years, I've spent about 60-85% of my time in Asia, as well.
And, I do agree, oil prices will not remain orbiting $50/barrel for the long term.
6 months out would be August 27, which, last time I checked, is in the 3Q2015.
Looks like we got a buying opportunity. Nice that the PBR overhang (not too much unlike a PBR hangover) is finally cleared, and we're back to a more reasonable $19 billion backlog of orders.
Thanks, Griffin Mungus, for the great work. Can't help but say, as I review that report, that these guys appear to run the company with a sense of stewardship on behalf of the investors. Of course, majority share being with Mr. Wilhelmsen, who's watching them like a hawk in these volatile times, I bet. Nice company to keep.
Looks like that post-divi pullback already happened, on Feb. 23. Now, we're moving with the surge in all refiners, as they were the flavor of the week. A little bit of sour grapes here because I set my buys a little low on this, NTI and CVRR in the last 2 weeks. :-P