Oh dr. stop complaining. The stock has not done anything for a long time but be happy mgt and this crony board are well paid. we need to keep them happy. what would we do without them?
go read the latest presentation and how they boast of spending $11 billion in new rig building and their disciplined capital allocation and balance sheet while returning money back to shareholders. Not a mention that the stock price has given back multiples of this great dividend return to shareholders. Hey accept the milkbone.
pgn has crashed already from wi date 17 to 7 so probably likely downside is done, but ne and the others still have more to go imo.
At avg $22, 1/2 billion buys back nearly 10% of share count. These shares do not go to this underperforming mgt and board but in share reduction for suffering shareholders. Got it!!!!!!!!!!!
AGGESSIVELY BUYBACK SHARES IN LOW 20'S. If no buyback occurs MGT must be fired along with this crony board. at least $500 mil. the rest goes to debt reduction.
BUYBACK 1/2 BILLION. DO IT NEAR BOTTOM CAPITULATION!
ne broke 25. no surprise here. still own shares and under water by 5, but thankfully sold trader shares around 40. will buy aggressively near 20 as with others. however more pain to come
esv did a big writedown already. only thing left is some goodwill tang bv is probably very solid at 40. do gets interesting at or near 30 rdc at low 20's and ne in low 20's. all present margin safety at those prices. will be buying across the board around those prices. expect a majority of unbuilt spec rigs to be cancelled.
all for a buyback AT THESE PRICES. But no way do i want them to buyback 50%. 10-15% is enough to really enhance shareholder returns.
rest should be used to buy a great rig at a giveaway price and focus on paying down debt.
Yes this mgt overpaid imo and should own up for this big loss to shareholders so expecting a portion of it to be written down. Lets figure a billion or billion and half so $4-$6 lops off book value. safer to buy this at or below 40 imo
agreed no shill, but find it hard to believe that a few of the older rigs will not need to be written down some. probably not enormous but guess estimate is probably about $2 of book. So still trading below tang book. what r ur thoughts on pgn? have taken position just under $7. 46% of book seems to be a margin of safety. what 'bout esv and do? looking at those waiting for more pain.
Big spenders spending on themselves and their egos.
BUYING BACK SHARES UNDER TANG BV IS ONE OF THE BEST WAYS TO INCREASE SHAREHOLDERS VALUE. YA KNOW THE PEOPLE WHO OWN THIS COMPANY.
cben we need a BUYBACK NOW at these levels. work wonders for shareholders. 60 mil or 10% of float.
10 working with pemex and pemex expanding development program.
would think the planned but unbuilt new rigs would be cancelled soon with all the bad news flowing in the sector. the start of cancellations may be the trigger setting a bottom for the group.
if no buybacks occur at these ever increasing discounts to tbv then this mgt should resign. u would prove a lack of understanding of building shareholder value .
Aggressive buybacks should occur in low 20's.
Thanks turbo around what i thought.
Trading at 86% of tang bv , immaterial cap ex next year,
WHY NO BUYBACKS??
This mgt is not very good at building shareholder value. Even buffett would buyback shares at these levels.
yes bought some rdc back in 09 for $13 & sold big gain. would consider it too.
Figure one more severe down draft before a bottom could be in low 20's.
what is a chance of an asset writedown of the semi-floaters? this could send it to $20 if we get writedown. probably best place to load boat if went there.
true finally. what are they spending next year? how many billion?
turbo what's the tang bv for ne after the paragon spinoff? looking to buy some esv ne and maybe some do, already bought some pgn near lows. probably one more big washout downdraft coming in next several weeks may be the time to pounce.