How's everyone weathering the storm?

[Boon Mee]

Transocean & Seadrill are under tremendous pressure to scrap their cold-stacked rigs simply to get them out of the inventory. Diamond seems to be doing a little better.

 As previously mentioned in this thread, it will be another few years of contraction before the offshore wildcat drilling resumes.

[CGW]

^ When you look at the stock prices of the above companies "The Market" tells you where they think, as to where they were 5 years ago!

Lot of pensions disappeared!

Prices today:- Transocean down 62%, Seadrill down 90.5%, Diamond down 69%, can't foresee a recovery to where they were 5 years ago? hope I am wrong?

[Boon Mee]

24 minutes ago, CGW said:

^ When you look at the stock prices of the above companies "The Market" tells you where they think, as to where they were 5 years ago!

Lot of pensions disappeared!

Prices today:- Transocean down 62%, Seadrill down 90.5%, Diamond down 69%, can't foresee a recovery to where they were 5 years ago? hope I am wrong?

Seadrill never had a pension scheme to begin with instead, paying their hands a bit more than the other offshore contractors.  Vanguard absorbed TOI's and Diamonds pensions.

[CGW]

2 minutes ago, Boon Mee said:

Seadrill never had a pension scheme to begin with instead, paying their hands a bit more than the other offshore contractors.  Vanguard absorbed TOI's and Diamonds pensions.

Quite a few people I know with both Seadrill & TOI were holding onto their shares as their "pensions" they have seen their supposed "pension" plummet! downwards, that was my meaning when with what I said about pensions, not very well explained on my behalf!

[Boon Mee]

1 minute ago, CGW said:

Quite a few people I know with both Seadrill & TOI were holding onto their shares as their "pensions" they have seen their supposed "pension" plummet! downwards, that was my meaning when with what I said about pensions, not very well explained on my behalf!

If the retired hands were non-US passport holders they received a lump sum upon separation depending on position.  If they chose to hang onto their shares - bad luck!

[CGW]

1 hour ago, Boon Mee said:

If the retired hands were non-US passport holders they received a lump sum upon separation depending on position.  If they chose to hang onto their shares - bad luck!

Nobody ever accused (most) oilfields hands of being financially smart! most I know held onto their shares! choosing not too believe things would ever be as bad as what they are now!

Though I have to say if you had asked me five years ago where "we" would be today, I was a long way off!

Cheers

[Boon Mee]

6 hours ago, CGW said:

Nobody ever accused (most) oilfields hands of being financially smart! most I know held onto their shares! choosing not too believe things would ever be as bad as what they are now!

Though I have to say if you had asked me five years ago where "we" would be today, I was a long way off!

Cheers

I recall when TOI shares were in the low teens and then look where they went!

[impulse]

8 hours ago, CGW said:

Quite a few people I know with both Seadrill & TOI were holding onto their shares as their "pensions" they have seen their supposed "pension" plummet! downwards, that was my meaning when with what I said about pensions, not very well explained on my behalf!

 

Ever since my first crash in the '80s, and especially after Enron, I've always questioned the wisdom of keeping my own employers' shares as a nest egg.

 

If things go wonky,  you lose your job, your health insurance, your rainy day savings, and your pension- all in the same breath.

 

Of course, the flip side of that is the employers that look suspiciously at their people who don't want to keep their financial security tied firmly to the company.  But I got over that.

[William Osborne]

Nabors would have been a good buy a year ago ... up 173 per cent...

 

I guess Transocean and Seadrill are more exposed to the deep water stuff and after spending big on latest drillships ?....still might be a good speculative investment ??... 

 

I 

[CGW]

Never had anything to do with Nabors so know little about the, they have performed well overall over the past five years, would have been worth a punt, they cut back from 29k employees to 13k in the past 2 years! sure that saved them some money!

 

I wouldn't put any money into either TOI or Seadrill at this time! but then what do I know, I never put any money in when I should have done - hindsight!!!!

Both TOI & Seadrill have quite a few rigs on "standby" in various shipyards that they could well have to give up on if the market doesn't improve vastly! thats going to cost them......

One company that I think could do well, if things do improve is Chesapeake Energy, they have a lot of resources and have survived going bankrupt.

[Boon Mee]

15 hours ago, William Osborne said:

Nabors would have been a good buy a year ago ... up 173 per cent...

 

I guess Transocean and Seadrill are more exposed to the deep water stuff and after spending big on latest drillships ?....still might be a good speculative investment ??... 

 

I 

Long term yes.  Agree that TOI is a good bet.  Not sure re Seadrill.

http://seekingalpha.com/news/3235916-schlumberger-signs-two-long-term-transocean-service-agreements?dr=1#email_link

[xraybaby]

On Tuesday, December 27, 2016 at 10:03 AM, YeahSiam said:

I remember the days when, in general, the oil guys were a particularly vocal and boorish contingent on this forum

I see where you're coming from. 

[William Osborne]

41 minutes ago, Boon Mee said:

Long term yes.  Agree that TOI is a good bet.  Not sure re Seadrill.

http://seekingalpha.com/news/3235916-schlumberger-signs-two-long-term-transocean-service-agreements?dr=1#email_link

 

... i was just on that very site doing a little research... (very good website in you're into investing btw)

 

yeh, Seadrill still has plenty of negativity...  Transocen (RIG) seems to be have a better outlook....Unfortunately since downturn and lack of work, I don't have much cash to 'play' with !!...but worth keeping an eye on... maybe get some with a tight stop loss

 

I was offshore Brazil a few years ago and oil needed to be $80 to make it viable ....... rig day rates are down but deep-water still horrendously expensive especially since shale-oil cam into play..... this along with insane Brazilian regulations, can't see the attraction there at all.. 

Edited January 19, 2017 by William Osborne

[Boon Mee]

6 minutes ago, William Osborne said:

 

... i was just on that very site doing a little research... (very good website in you're into investing btw)

 

yeh, Seadrill still has plenty of negativity...  Transocen (RIG) seems to be have a better outlook....Unfortunately since downturn and lack of work, I don't have much cash to 'play' with !!...but worth keeping an eye on... maybe get some with a tight stop loss

 

I was offshore Brazil a few years ago and oil needed to be $80 to make it viable ....... rig day rates are down but deep-water still horrendously expensive especially since shale-oil cam into play..... this along with insane Brazilian regulations, can't see the attraction there at all.. 

TOI got caught up in that Petrobras scandal a few years ago there in Brazil which spelled the beginning of the end for their rigs in that country.

Yes, the gravy days are over down there and it's a shame.  

[pigeonjake]

On 19/1/2560 at 3:30 AM, xraybaby said:

I see where you're coming from. 

havnt been on here for a while, 

but some of us still doing very well, im back on the beach in the uk on 450 a day 40 miles from my uk home,

keep the money in the uk till the pound goes up if it ever does again if not, just buy another couple of cheap houses to rent out.

[elliss]

Oil  has  had  its day , try teaching .

 Ex BP ,  pension is good .

Edited September 21, 2017 by elliss

[pigeonjake]

6 minutes ago, elliss said:

Oil  has  had  its day , try teaching .

 Ex BP ,  pension is good .

got to agree, im on a waste to energy plant new build, plenty of them being built, client welding inspector

[impulse]

On 9/21/2017 at 11:43 PM, pigeonjake said:

On 9/21/2017 at 11:36 PM, elliss said:

Oil  has  had  its day , try teaching .

 Ex BP ,  pension is good .

got to agree, im on a waste to energy plant new build, plenty of them being built, client welding inspector

 

Problem in Thailand is that an expat oilfield assignment will pay at least on par with the same job at home.  A teaching job in Thailand will pay a small fraction of the same job back home, and the cost of living differential keeps shrinking.

 

If you're going to teach for a living, teach back home and build a nest egg.  If you want to teach for a Thailand adventure (and all the cheap sex you can stand), jump on in.  The water's great.  But call it what it is- an adventure- and don't count on retiring on that income.  Some do it, but the odds aren't in your favor.  And you don't want to fritter away your peak earning years only to find yourself broke, back home and with very little on your resume (CV).  Possibly leaving behind a Thai family you love because you can't afford to get them back home with you.

 

[DDBKK]

Things are indeed picking up in the middle east now. I'm back to Iraq as soon as medical and visa is done. Only a slightly lower rate than when I was axed in July last year. 

 

Hope the rest of you are back to it soon enough if not already. 

 

Cheers.

[pieeyed]

Got laid off in March 2015. Have not worked a day since. Jobs are pretty scarce.

[KarenBravo]

In my line of work, day-rates have gone down by 70%. Not even enough work to turn it down......

[pigeonjake]

12 hours ago, KarenBravo said:

In my line of work, day-rates have gone down by 70%. Not even enough work to turn it down......

70% bloody hell.

I no I'm back in the UK working, but still on a very good day rate 

Ok I'm not at home but I'm earning very good money,

Let's hope things get better for some of you guys 

[DDBKK]

6 hours ago, pigeonjake said:

70% bloody hell.

I no I'm back in the UK working, but still on a very good day rate 

Ok I'm not at home but I'm earning very good money,

Let's hope things get better for some of you guys 

70% sounds very harsh. That's like being offered pinoy/Indian money. Although a mate was offered exactly that last year but flat out refused. He's now in Kazakhstan on reasonably good money, just the short term contract is his only gripe. 

 

Have many family and friends in the north sea/Aberdeen region who say things slowly picking up and oil co's in London/South East also starting to sniff. Only a matter of time.....

[WorriedNoodle]

On 10/18/2017 at 9:54 AM, DDBKK said:

70% sounds very harsh.

70% for me as well. Not even applying at the current rates.

[watcharacters]

 

 

Whenever guys around me complained about the job, I  always told them the only thing that's worst than the job is "having no job to go to".

[ChoakMyDee]

I'm very fortunate, have worked all through the slump in exploration and have taken only a 17% drop in day rate. Lots of people laid off, entire companies gone bankrupt or sold off most of their fleets. What saved my ass is having a very specialized job and being the most experienced guy around. You want to make sure you keep your job during the lean times? Do a stand up job and build a good reputation during the good times.

 

I don't see things picking up soon...maybe slowly, but there won't be a boom like the last couple times, at least not within the next year or so.

[DDBKK]

There are only 2 people I know of that were killed off during the downturn that are still out of work and they both have offers in the pipeline as I type. 

 

American is booming according to reports online. International obviously not quite yet. Forecasting what will happen or to be more specific, when it will happen is pure guess work and pretty pointless imo. One country get sanctions and boom arrives. Global demand increases (like it has been doing) with strong worldwide economic growth (like we are experiencing) and boom time can arrive, or on the other hand, maybe not. 

 

The most important thing right now is to be working and/or try to up skill. Contractors who think the world owes them a living and expect an industry to remain the same forever are delusional. 

 

Adapt or perish, as they say...