Strictly: Drilling and oil-field services Message Board

STOCKTALK

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 Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Webster Groves who wrote (88316)	3/2/2001 7:28:57 PM
From: Big Dog	Read Replies (1) of 95453

Webster, I don't think that will be done. Kind of hard to "break up" a rig. This is a very complicated issue with FGH vis a vis OceanRig. The true story is that no outsiders really have a clue what is going on between those two companies. Cat and mouse game? Who knows? The fact is that these are the only assets of OceanRig and they do not have contracts for the rigs on delivery. It also seems (obviously) that FGH is not/did not make money on these projects -- for whatever reason -- so why would an outsider make the assumption that they will be able to make any money on the back log of work that some folks are touting? Wasn't that one of Halter's problems?-- Lots of work but unable to make a profit on the work? FGH may have to concede the rig building business and concentrate on the non-oilpatch side. It is beyond my imgagination that any drilling contractor would place a rig order with FGH within the next 1-2 years. Even if the OceanRig matter is settled to the extreme favor of FGH it does not clear up the nightmare memories...customers don't want nightmares, they want sweet dreams. Like I said yesterday, FGH needs a clean sweep, new owner, new face. And I predict that is what will happen. (Which may not be a bad thing for common share owners...) From the talk I have heard, there are no tears being shed for JL. I don't think he made many pals over there (although I have always liked him personally and have known him for 10-12 years)...he just never seemed to treat people 'right'. If anyone thinks FGH will survive sans bankruptcy, they should be buying the convert bond issue...last I checked it was selling at about 41...nice return if this puppy is paid in full at maturity (2004 or 07) and pays the coupon all along. Could go to zero or 100...place your bet. big

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next