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Rupert Hargreaves

 
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  • Carriage Services, Inc. Well-Managed, Ultra-Long Term Death Care Investment [View article]
    It's a nice co
    Aug 20 10:42 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Good comment. It is an interesting way of looking at the MLP structure.
    Aug 19 02:39 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Bulldog,

    This point has been discussed above. Three of us arrived at the conclusion that the data is really difficult to interpret, therefore, Riglogix is the only real source we have --- even if some of it might seem odd.

    That is aside from researching each individual company and putting together a large database on the matter with sources. Even then it is likely that this data will be out of date by the time all the data is collected and collated. What's more, people like you will still find problem with it.

    With that in mind, Riglogix is the best source we have, it's centralized, sourced and put together by industry professionals.

    If you have a problem with Riglogix data I suggest you take it to them, but for now, it is the best source we have.
    Aug 15 02:47 PM | Likes Like |Link to Comment
  • Why Rowan Companies Plc's Earnings Will Surge Higher And Dividends Will Follow [View article]
    What's more, most of RDC's jackup units are high spec, so there should be strong demand. But there is still an element of uncertainty with all the newbuilds coming to market. The only real certainty is the delivery of the drillships.
    Aug 15 09:25 AM | Likes Like |Link to Comment
  • Why Rowan Companies Plc's Earnings Will Surge Higher And Dividends Will Follow [View article]
    Golipoli, my article "These Offshore Drillers Will Struggle Over The Next Few Years," was supposed to be an overview of the industry. While Rowan's prospects are dim, due to its exposure to the jackup market, the new drillships should boost the bottom line over the next few years.

    It really just depends on how Rowan manages to renegotiate its jackup contracts.

    Long RDC
    Aug 15 09:22 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    I'm glad you found it useful. I must admit RIG's low valuation is tempting, although I have read some broker notes that urge caution, the book ratio could fall if the company is forced to write down the value of some rigs.
    Aug 14 02:28 PM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Sandy, there are a couple of questions above that address the issue of rig utilization.
    Aug 14 02:27 PM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Investing Doc, I must admit I do agree that some of the data looks out of place. However, aside from collecting and collating all the data myself and sourcing it, there's no definitive way to set it out. Even if I did collect it all and source it, there would still be debate from some users.

    RigLogix is the most definitive, central and easily accessible source I have at present.

    I intend to go over each fleet separately over the next few weeks, which will be a more indepth analysis, rather than a summary as above. Hopefully that will be of more help. It should also flush out any anomalies with the data.
    Aug 14 01:10 PM | 4 Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    The data is correct according to RigLogix, as I mention in the article. http://www.riglogix.com
    Aug 14 12:44 PM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Phenom1 thanks for your support. Although I will admit I did make a mistake regarding the structure of NADL.
    Aug 14 12:16 PM | 2 Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Haha well done. I thought you said no further reading was recommended?

    It's true, I did make a mistake in the original. I submitted the edit than had to wait for it to be republished. You're just quicker than me that's all.

    The MLP structure has been used a lot by drillers this year, including the Seadrill Partners spin. Rowan was quizzed about a MLP structure on its Q2 call, Ocean Rig is converting, and Transocean has created a drop down MLP structure.

    The North Atlantic was an honest mistake, which has now been corrected.
    Aug 14 12:02 PM | 4 Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Vantage is really in a league of its own. The company does have a large amount of debt but its new, small fleet is contracted out, at decent rates and the small number of vessels makes the company's prospects easier to understand. I plan on putting together a focus article on Vantage at some point in the near future.

    As I explained in the article I really don't think it is a question of size, more composition of fleets. Unfortunately, most of the large caps have a large exposure to the jackup segment, which makes them venerable.
    Aug 14 11:54 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    I wouldn't but many are attracted by the high yield -- they get really aggressive if you suggest it isn't sustainable.
    Aug 14 11:16 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    SDRL is able to sustain the high payout through asset sales. It's true that Ensco's payout is more sustainable over the long term but the company's hardly outperformed over the past few years.

    There have actually been some noticeable declines in day rates in some regions, I don't have the figures with me right now but off the top of my head I know Rowan's first new drillship, contracted out last year achieved a day rate in the high 600's, the most recently contracted drillship only achieved a rate slightly above 600's despite being of the same spec.

    It's really the falling utilization rate that will hurt over the long term.
    Aug 14 10:50 AM | Likes Like |Link to Comment
  • These Offshore Drillers Will Struggle Over The Next Few Years [View article]
    Now NE has spun off PGN it is a much lener company that's true. The jack up fleet has fallen to 15 units while the company's drillship fleet stands at nine units.

    NE has essentially divested its exposure to the jackup market.
    Aug 14 10:20 AM | 1 Like Like |Link to Comment
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