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Pokerchips
https://markets.ft.com/data/announce/detail?dockey=1323-14552349-1ENJP1I7NIOR2OSLLM3TGCGL9C
Did that MoU with Navantia ever get formalised into a proper agreement ?...I remember they had some Teamwork Agreement etc which was supposed to get finalised, but I cannot honestly remember what ever came out in the end
Was it all eventually finalised with a binding Agreement ?
Stokey I totally agree with you I have also checked BH site it is not cheap to book a docking slot which is why so many are moored offshore all around our coastline which is why it is baffling me as to why they have .
spudtheplumber, your are correct Karen01 sure is back to the badmouthing of Triumph.
But then again is she?
a) Drodericks wife or;
b) Droderick dressed in drag.
Seems you only appeared to throw rocks at Triumph. How for example could Infa possibly have managed the PB for the Triumph builds when they had to sell shares to raise funds for a small project.. But then again seems your the font of all knowledge
Teletubbies and we know what the BBC did to them...
oldtramp In relation to your 14.26 post you raised the question of whether the extended stay is incorrect the dates I have given I took from the Belfast Harbour website. This information is taken from bookings with the habour master I do not see why they would book the berth for three months when they only need it for a shorter period. Also |I believe that they may be charged for the time they are berthed so they may incur additional costs doing that.
Afternoon Gents quite happy personally with the update.
The Azura is baffling me a bit as over the weekend done quite a bit of research it does appear that Carnival/P&o like to keep refits quiet until completion for what I reason I couldn’t fathom out.
It also appears that they pre plan the refits 2 years in advance as such Navantia would have all the contractors and materials in place for April 2020 .
We then have the extended stay at Belfast the refits normally take 2/3 weeks so maybe the extended stay at Belfast is incorrect?
Also found that cruise ships have to be dry docked and checked every 5 years. Hopefully we can find answers to the above soon.
In regards to Islandmagee good to see they are actively looking at Hydrogen storage as I feel that is the way forward and salt caverns being one of the best tried and tested ways of storing it. I have posted a few links before on NI Hydrogen as an energy strategy which is currently being looked at after a call for evidence by the NI government and indeed the uk . Given the location in between 2 power stations 1 gas and 1 about to be converted to gas along with a new green energy hub including hydrogen production facilities it could all tie in quite well
Good luck everyone OT
Interesting Kaza is back bad mouthing Triumph lol
Was taken from Triumphs news section of their website.
https://www.triumph-subsea.com/news
Which looks, on the surface, as more than a couple of blokes and a dog, flying a kite. :)
Thanks for that, just had a look on the Brodosplit JSC, Croatia website and there is no mention of the contract or the cutting steel for the ship or any fabrication having being started. It was meant to have started cutting steel in March looks like what I thought originally that Triumph is a one man band trying to build a ship on the back of a rental with no funding up front. not sure why we even bothered with it to be fair.
It was with Brodosplit JSC, Croatia. LOI 11/06/20, Draft contract agreed 06/07/20 with contract fully signed 08/12/20. A few days before INFA's LOI. Assumed it would take the same amount of time to go to full contract but as there was no draft contract issued wasn't surprised to see it canned, for now.
It wasn't each, btw. I had them on £448k and £400k basic salaries. As posted here by KSH321
https://www.lse.co.uk/ShareChat.asp?ShareTicker=INFA&share=Infrastrata&page=2
It was not refuted at the time so took it to be correct. I stand corrected if not.
An interesting update with some good bits and bad, at the last update when JW was rattled they explained that Triumph was on the back burner, if the have no finance in place i get why they wouldn't waste money on it. Did i not read someplace about another ship getting built by Triumph anyone know what's happened to that. From what was in the papers saipem was totally dead and the first units that were meant to be built in Methil were built overseas so they have re built that contract and im not sure it was a given, after all the issues with bifab they must have rebuilt that relationship. I am concerned about the margin it returns but if they perform they could get more work maybe but who knows more, Jam tomorrow.
Don't see what they can do if the decision makers won't get off their backside and make the decision for the ML, if they had waited on this i would have lost everything so I am a bit grateful whilst underwhelmed by the current share price, but understand why its where it is . JW and AR are on less than £300K as per the breakdown after the last fiasco with the bonus so don't know where si Dermans £1m each comes from more pointless negative crap i guess.
Azura is for Carnival who own half the cruise world is this maybe just a test to see how we work, these ships just don't go anywhere they must have some relationship. They are building this from the ground up don't forget we had no revenues so they continue to make progress all it needs now for me is just to keep winning work which looks like the plan from JW's comments - that m55 would certainly put all our minds at rest. Actually beginning to feel more relaxed again aftercall every business has suffered with the pandemic.
Anything is possible, TBH, on all fronts. But up to now, not a lot actually confirmed. Besides re-igniting the Sapien contract that the previous owners of Bifab had secured, the ferry/cruise work has been the only thing that has kept the company going. Now I don't know what the costs are for keeping all four yards staffed and open but £9m over 11 months, or a little over £800k per month, doesn't sound like there would be much left over. Especially as circa £1m goes to fatman and dobbin in salary. :(
The chance of something from the Triumph Subsea LOI now confined to the back burner. Pushing the previous one sat there (FSRU) down the back of the stove and gone. Is this the destination for IM? A conveyor of projects who's only purpose is to excite the next batch of investors whilst previous LTH's just fade away with the projects they initialy got on board for.
There always seems to be something else to blame for the lack of the ML. Today it's "political upheavals". I wouldn't be surprised for them to re-submit the application, to now included hydrogen, and start this whole process all over again.
stokey12
thanks ...but ..nothing will be done without it being agreed, that is for sure .... ..you never know with these things...sometimes you assess how one maintenance job is carried out... and..if happy and impressed..then agree to other work too....so ..who knows...all somewhat speculative I guess, as to the interpretation of these words and phrases they use
Pokerchips In relation to your 11.29 post while the statement says a few months I note that the Belfast Website gives the dates as from 2 July 2021 to 8 October which comes out as around three months. I am therefore surprised that the statement said minor repairs. This is even more surprising as apparently while tied up essential maintenance was being done. There would be a reputational risk if they added on more work than needed. This would also affect the ability to get repeat work so I do not think the scope of work would increase beyond what is agreed.
With Azura the comment was "a few months" with discussion on the "scope" of the work .....so..just like the car mechanic who changes the brake pads as agreed ...but...then finds other repairs that could do with attention which ends up bringing a longer list of "suggested" works on to the table
Si_Derman In relation to your 10.06 post I must disagree with you. There was confirmation of the arrival of the Azura which has been known about since Friday. I think they may be slightly economical with the truth as I do not see how minor repairs can take three months. Also while I will be keeping an eye out to confirm but possible further cruise work is not unreasonable.
I would also comment that the financial figures given in the statement are encouraging when you add in the anticipated earnings from the Saipem contract.
The market is about to enter the summer lower trading volumes of July and August...... so ..looking around it does seem likely some will sell ..sit on the sidelines.... and re-assess come September ....
whoever sells..someone buys the other side of the trade ...and vice-versa
Daily trading volumes here are actually quite small ..but those trades of course affect the "price" of the 99% of shares not traded
Just lots more corporate speak nonsense to obfuscate what is actualy going on.imo
More teasing of possible pipeline projects regardless of any concrete chance of getting any of them.
Definitely glad I didn't succumb to a creaping FOMO urge to get back in before these results.
I guess it is "possible" to look at the idea of sinister goings on to create share price movements ..but
The original RNS stated...
"Whilst both parties intend on executing a contract to build the vessels by the end of June 2021, it should be noted that this LoI currently does not provide for any binding obligations on either party at this point and should not, therefore, be construed to be a binding fabrication / build contract"
so... maybe they did indeed give themselves until the end of this month ( as stated) as the deadline date by which a viable commercial agreement had to be reached in relation to margins achievable ..and hence the announced decision...at the end of June 2021
" optimum economic outcomes" clearly bears reference to margins ....
Page 14 in the document is backed up by the statement below - this is all getting very interesting ! Hydrogen meets with future proofing NI'e energy requirements
However, from a commercial standpoint, the Company continues to future-proof the project and is preparing its representation to the Department of the Economy (DfE) for the transition of the natural gas storage project into hydrogen storage in years to come, subject to approvals. The Company believes that, in order to provide for the security of energy supply in future years, the gas store will be used, initially, for the storage of natural gas, followed by a blend of natural gas and hydrogen and, finally, leading to the storage of large volumes of hydrogen when hydrogen production levels increase. The Company continues to believe that the Islandmagee gas storage project will become an invaluable asset in the country's future hydrogen-based economy.
I am starting to wonder what needs to be done to move the share price up. With booked revenues of £9m the revenues for the 17 month period are on course to be 5x the previous period yet the share price goes down.
So hidden amongst all the mumbo jumbo about 'discussions' and promises of large contracts further down the line is the confirmation that the triumph subsea services LOI has been abandoned because the company doesn't believe it will be profitable. I suspect they knew this when it was announced initially but needed to artificially raise the share price and excite shareholders so they could raise funds a few months later and line their own pockets with our hard earned cash.
Jabido In relation to your 08.06 post I saw the reference but did not know what it was. Having just checked on Bidstats I note that the original contract notice was from July last year so I would expect a decision on it is imminent.
Reference to m55 project is interesting - 40 to 50 mill conversion contract of a minehunter being bought by Lithuania. I hadn't seen any reference to this previously. Gla
Yes agree stokey hopefully this marks the beginning of a turning point for the company and it's share price ;))