Restructuring of the OSV business is far from finished


#181

I dont think tidewater ever built a dp 0, I will ask my buddy there
ECO put unclassed DP systems on many vessels, thats bigger news


#182

In the late 90’s Gary had a policy that if the client wanted DP the client payed for the DP upgrade on the vessel.


#183

More optimistic predictions for our enjoyment:

PS> This refers to the worldwide market, but some of the contracts for Polarcus and NAO has been for work in North America.


#184

Harvey Gulf to Reflag Some Assets
#185

and the news is who would charter them as a DP vessel?


split this topic #186

12 posts were split to a new topic: Harvey Gulf to Reflag Some Assets


#187

Still a tough winter ahead for the North Sea market:


With the oil price getting lower due to over production in USA, Russia and Saudi Arabia, the hope of fast improvement is fading.

The hope that OPEC and Russia would cut production to keep the oil prices high is also fading:


#188

One company that has taken the opportunities to expand their fleet during the downturn is Allianze Marine in Abu Dhabi. Just look at this fleet list:
http://allianz-me.com/fleet/
For those familiar with the Singapore offshore marine scenario there area lot of familiar vessels here.

They have now purchased most of the Swissco fleet:


#189

not much value in each vessel?


#190

Nordic American Offshore is now Italian owned:


#191

Times are getting hard for HOS.


#192

ouch! I just ran the 5year chart and their shares went from $49.20 to $1.20 in that period. Imagine being Todd and watching your personal wealth evaporate like that? Actually I can’t imagine it…simply so far beyond my own experience to even begin to grasp!

Of course, Todd diversified with his USN sub escort contracts but if I was the man, I would be looking for any and every opportunity to find work for his vessels or to expand out into other sectors of the industry.
I would also lobby the Congress endlessly to get more work in the GoM or any other offshore segment reserved for US flagged and build vessels. But maybe he is so broke now he can’t afford to even lobby his local Parish?


#193

I feel bad for the average employees who bought loads of shares at the highest prices. Talk about having all their eggs in one basket.


#194

Why feel bad for them? No one forced them to buy those shares at that time and at that price. Like so many other Wall Street investors, they felt they couldn’t lose their investment.


#195

Emagine being Todd? Sure, let me grab the keys to my Porsche. He’s not hurting by any means, despite the current state of his “public” company. Over $1 Million in cash per year in salary at a public company, and over $3.5 Million in stock ain’t to shabby, and aligned with most execs. What he got 5 years ago ain’t much on paper if he held it all, which I doubt, but over $3.5 Million in stock received at this year’s end is still $3.5 Million even at the current market price. I’m not near as smart as some if these rich folks; I did hedge oil investments into airline stocks big time 5 years ago (although I recently backed out), knowing they’ll be the biggest beneficiary of low oil prices, and I’m glad I did. I would think these smarter people manage portfolios a little better than I do.
As Warren Buffet said, “Never buy stock of the company you work for – with your own money; if you lose your investment, you lost your job too.”


#196

Quoted from Seeking Alpha:

The company’s main problem is its debt. At the end of the third quarter, Hornbeck Offshore had $108 million of cash and $989 million of long-term debt. Out of this debt, $366 million is due 2020 and $448 million is due 2021. For the first nine months of this year, the company had a negative operating cash flow of $26 million. Put simply, there is no way for Hornbeck Offshore to pay off this debt and the only solution is to negotiate with creditors.


#197

It will be a debt / equity swap if things dont change; bond holders will not negotiate. Restructure, wipe out common stock, bond holders own the company at a fraction, done deal.


#198

Capital losses are deductible against capital gains. If his accountants are worth a shit I’m sure he’ll be alright.


#199

And gambling losses are deductible against gambling winnings. But if you aren’t winning, it doesn’t mean shit.


#200

Everyone ran out building vessels like their hair was on fire and now they’re having to pay the piper. There is something to be said for slow and steady growth. I read an article a while back that ECO was growing at a 10% growth rate for a stretch of time and that was at times hard to keep up with. HOS had to be at a much higher rate than that with less cash flow to handle it…