No, it’s been going down BECAUSE the smart ones were getting out.
Really? Companies were already cutting pay and laying off by then.
Yes …really. Told my son to run, not walk away from that job.
Was actually surprised a recruiter was there being the state of the oil patch at that time. And making promises he couldn’t keep.
Glad my son had someone in the know to help him through this nightmare. Couple of his pals are off of Africa and places beyond and doing ok., Some bit the carrot and got laid off rather quickly… particularly the Gulf work. Again, he chose a different path, and as of today, quite successful. I’m glad one of the few times he took my advice.
?? That’s what I’ve been saying since comment #4, 11 days ago on this thread. Actually, someone started a similar thread about a year ago & I said then that the smart money dumped or were dumping HOS. I said back then that buying lottery tickets was smarter than buying shares of HOS. Also, the daily average volume on HOS was so low it couldn’t have been daytraders moving it. Todd Hornbeck kicked the can down the road long enough to let any smart investors sell at a lose instead of taking a complete lose like the dice throwers who bought in the last year. The saps who thought they were buying at a discount.
Bottom fishers usually catch…the bottom. HOS was doomed many moons ago.
OSG had a similar pattern.
There’s something I don’t understand about it. I read the article that I linked to yesterday that was written on Dec 31st twice. At the end the author, Henrik Alex, disclosed he bought a small position at .11 a share. I can’t wrap my head around the reason he did that? Its obvious lenders & bond holders will get first dibs. Any ideas?? Maybe he expects a last minute buyout from deep pockets?
I have only invested in a few Maritime type stocks and one airline. The only Maritime stock I hold and have held for more than a few years is SFL, Had LUV for a while, as it is one the few airlines making a profit and an excellent business model. Boeing is screwing up that, but paying Luv dearly for their screw up with latest plane. When a stock is a “Penny” stock, such as HOS , wasting time and money. May as well buy Girl Scout cookies
A rep from Otto Candies was at USMMA recruiting last year. Advertising no layoffs and decent cash as I remember saying the gulf was picking up. I did the interview, but not selected so they made the decision for me. Only reason I wanted it was a good schedule.
It may have been picking up last year, but 2015 was in the dump. Guy was selling swampland as far as I’m concerned. They may have done you a favor you didn’t realize at the time. Wondering how it worked out for your pals that did get hired.
Worked out great for them, as far as I know. The interview for Candies was basically “Tell us why you won’t get your DP cert and move to a drilling company”.I think they hired them on in the low 400s for a dayrate. But of course they peddled the “We don’t do layoffs” which is a ridiculous statement given the economics of an OSV company. Certainly Candies and ECO had more short term flexibility than HOS because of being privately held, but I don’t see how they can say that really.
Thanks for the feedback @oakley23. I know you weren’t keeping tallie but how many do you think each company hired?
I’m surprised, I haven’t worked with US unlicensed in a while but I thought some US QMED’s & AB’s made a little under the lower $400’s. I hope that is stepping stone wages for USMMA grads.
Because drilling companies aren’t hiring anyone without drilling experience.
They were hired either as ABs or training mates until they get their DP certificates so that’s decent money.
Candies hired about 15 total Mates and Engineers. The recruiter said they would be mates even while they get their DP book signed since there’s two bridge officers at a time and just one needs to be a DPO. I think they said 440 a day which is pretty much in line with what the recruiter at HGIM told me, so it sounds right. HOS hired a few as ABs, from talking to HOS they paid the absolute lowest. ECO hired 8-10 as ABs with no real timeline of moving up. So candies was definitely the employer of choice going to the gulf.
So they were training mates.
On the station bill & seatime letter that is better than AB. Also, if the $440 is higher than AB pay that’s a plus too. But still, I hope these young guys don’t sign any mortgages or long term debt contracts until they find a better position in their professional careers. The volatility of OSV companies have been the ruin of many good men. The maritime academies should teach a whole semester on the fallacy of that industry.