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Gold/Mining/Energy : Ensco International Inc. (ESV)
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To: steve harris who wrote (1964)6/17/2019 8:47:53 AM
From: robert b furman1 Recommendation

Recommended By
steve harris

  Read Replies (1) of 2005
 
Well it appears to be a washout.

There must certainly be margin calls as price drops below what is marginable -EVEN AFTER A 4 FOR ONE REVERSE SPLIT.

Not paying a measly dividend of one cent before the reverse split on the Rowan shares was a slap to that block of ownership.

It seems to me that there is a huge transfer of ownership going on in the combined stockholderbase.

I bought my shares with a long term lottery ticket view.

Management has done a good job in a terrible market.

If one ever goes fishing out in the Gulf of Mexico, one knows there is drilling activity ongoing. Oil foind out there is low cost and very long term.

Production in the Gulf of Mexico has increased these last few years.

I'm a long term buyer and will average down, but only at ridiculous low prices.

Ensco is a long time player in the Gulf and has a reputation of being a top tier contractor.

Their pickling innovation is an economic advantage no doubt. The increased capability of pulling pipe and reinstalling it reduces the number of days to complete a well. Even with days rates at reduced pricing - it is an advantage.

MY position is small and I was surprised to see the upward price spike last year. It now looks like it will be as originally anticipated - A LONG TERM RECOVERY.

Bob

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