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Xcite Energy Share Chat (XEL)



Share Price: 13.25Bid: 12.50Ask: 14.00Change: 0.00 (0.00%)No Movement on Xcite Energy
Spread: 1.50Spread as %: 12.00%Open: 13.75High: 14.25Low: 13.25Yesterday’s Close: 13.25


Share Discussion for Xcite Energy


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Cuchulainn
Posts: 101
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 21:46
You need to read both the Hercules and Maersk releases and the original contract awards. Hercules paid 10% down, then other 10% on a c. $240m contract . 80% was due to the shipyard on completion but Hercules hadn't enough money to pay and has just gone into its second Chapter 11 process.

All Maersk had to do was pay the 80% due to the yard.
 
romaron
Posts: 547
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 21:13
It doesn't say whether Maersk made any other payment on top of the $196 mio but it does show how valuable a contract at higher rates is. In our case it appears none have yet been signed so I don't really know what to make of it. The devil is in the detail as always. Another way of reading it is that BP & JX Nippon expected it to fall into their laps but got gazumped. Big oil can be very greedy and know they have the advantage (usually).
Cuchulainn
Posts: 101
Off Topic
Opinion:No Opinion
Price:13.25
RE: Pity, Maerk picking up the
Sat 16:31
That is actually a very clever deal by Maersk and if I were BP or JX Nippon on Culzean I would have been spitting blood.

Maersk get the (now) Maersk Highlander for $196m and a drilling contract with themselves at $225,000/day which BP & JX Nippon pay 50% of. If Hercules had defaulted on the drilling contract the Culzean partnership could have gone to market to pick up a rig a lot cheaper - I would say maybe $100,000/day, maybe even less - the operating cost of a jack-up rig in UK waters is about $65,000/day.

But the partnership had approved the existing contract and when Maersk Drilling stepped into Hercules' shoes there would be nothing Maersk Oil could do about it no matter how hard BP & JX Nippon banged the table. Not that Maersk Oil would care.

So over the next five years Maersk will make $150m out of BP & JX Nippon and they will have a great rig for virtually nothing as a result.

Just shows how much money floats around between parties in these long term contracts.
highlandsbull
Posts: 4,405
Observation
Opinion:No Opinion
Price:13.25
Pity, Maerk picking up the
Sat 14:45
Hercules Highlander on the cheap for Culzean. For bit less than the price of this they could have been into Bentley.

http://www.offshoreenergytoday.com/hercules-offshore-to-file-for-bankruptcy-again-prepares-sale-of-assets/
toxicnerve
Posts: 1,890
Off Topic
Opinion:No Opinion
Price:14.00
$50
Fri 16:11
Would have been nice if this was support by now...maybe Opec meet will change it ?
Topboy1
Posts: 454
Off Topic
Opinion:No Opinion
Price:14.00
RE: No volume
Fri 15:58
Yep. Big spread again. Dont want trades by the look of it. Short of stock? Big buy order? Who knows but strange anyway.
honestbob
Posts: 741
Off Topic
Opinion:No Opinion
Price:14.00
ceiling cat
Fri 15:39
crikey if that rule was enforced some days there wouldnt be very many posts at all
X111
Posts: 2,245
Off Topic
Opinion:No Opinion
Price:14.00
No volume
Fri 15:34
Simples :-)
X111
Posts: 2,245
Off Topic
Opinion:No Opinion
Price:14.25
Pinki on iii
Fri 14:36
Talking about hurricane
They're doing one well straight down and one sidetrack!
RIG is coming from Norway!
Fracture basement granite reservior
Expected to commence drilling end of June / July
Robert trice getting XCITED
Knowledgeable oilfield investors invest
Simples :-)
ceilingcat
Posts: 2,039
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:14.25
RE: Heyup
Fri 14:24
"You will not post non-constructive, meaningless, one word (or short) non-sense posts."




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