SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: IndioBlues who wrote (54512)11/11/1999 11:12:00 PM
From: IndioBlues  Read Replies (1) of 95453
 
MDR conf. call... fascinating. I would encourage all to listen to to it. I had forgotten these guys were the ones who dropped the Petronius <oops>, but they really do impress. Roger Tetrault is a pro. Here are a highlights I managed to pick up while tending to considerable needs of my 3 year old:

(1) The J Ray side of the biz (oil services) is profitable but "no major resurgence" is expected for two more quarters at least. No bids to speak of. Firming oil prices are encouraging but many majors are preoccupied with m&a issues. The biz will certainly be back but in may be mid-late 2000 before it shows up in contracting activity.

(2) The Govt and power generation sides of the biz are doing well and growing.

(3) The asbestos exposure is difficult to quantify. Claims previously were 'moderate' but recently trending higher. That is troubling.

(4) Missed the quarter mainly because of expenses attendent to closure of Turkey and Mexican joint ventures. Both those areas remain geographically significant but Company felt it must have control of joint operations to effectively manage risks.

(5) The barge built for Russians up in Siberia to process waster water from nuclear sub fleet has been delivered. Company prepared to demonstrate/train but Russians delivered non-spec waste water (read: highly contaminated ?). Roger seemed to indicate that further work for the Russians on this project may have to be on a t&m basis.

(6) The Pru analyst asked (right off the bat)how the company intented to resusitate the stock price. Roger said there has been discussion at the board level of a stock buy-back but no action has been taken. (Tell us something we don't know, Roger.) Anyway, someone suggested later that a buyback might be difficult given the diminished cash position unless the company is will to negative cash. I wouldn't be surprised if Pru was bailing today. I think it was the largest institutional holder according to the latest stats I've seen, and its guy on the call was clearly more focused on the market's treatment of the company than on the company itself. This isn't exactly what you'd like to see in an analyst.... at least from where I stand.

Anyway, good luck all. I'll hold and hope for a dead cat. I do like this company long term but short term you can probably do better elsewhere in the patch.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News