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YES I did f @nny baws. Especially when they would listen to reason about the impending slump. Some did and managed to save themselves a few pennies. The morons who stupidly listened to the rampers, got burnt
Possibly break even in 2 years, with lots of placings in between...aye, earth shattering RNS ffs
same difference = same ****e.
my points still stand...no contracts/no take over and cooley isn't the knight in shining armour you're all making him out to be
they are that hard up for news they had to repost the rns from weeks ago ffs 🤣
whats crapxx's cash burn? how many months will 2 mil last? they've taken on 2 new employees = 2 more top end salaries etc
Interesting merger/buyout
https://www.energyvoice.com/oilandgas/north-sea/552230/eni-ithaca-energy-uk/?utm_source=linkedin
Lots of acquisitions/mergers/buyouts occurring at the moment. Petro will be on someone's radar, that's a given. I just wonder if that's what's creating some lag in getting the Debt/finances resolved? For we know that these deals can take months to negotiate etc
Cons
I've been in OnG nearly 20 years (unfortunately) so my post comes from experience. If clients are giving Petro 350mil contracts, it's for good reason. There is no chance in hell a company would gift such a contract if the company was believed to be going bankrupt. They've performed due diligence and have insight to data that we aren't privy too. Petro would of had to have proven that they'd be still be operating the duration of the contract
Anybody getting on under 20p will be laughing in a years time....maybe sooner
Yeah, I mean a company is going to waste their time piecing together a deal together for the past however many months, to the tune of 100k + (corporate lawyers fee's etc), to gift 350mil to a company that's supposedly going bust. The oil game doesn't work like that fella
If petrofacs circumstances were that terrible, not a single OnG comp would waste their time with them and risk losing millions as a consequence. Especially when there's numerous other service companies whose services they could acquire
The company that's just awarded a 300mil contract knows what's going on at least. You don't invest 300m into a sinking ship. Due diligence performed, deemed petrofac worthy of a 300mil contract + BP are confident enough to renew their contract with Petro
I'm back in
Here, were exactly did i state that companies don't announce renewals??? I CLEARLY made the point that there is a BIG difference between a contract renewal/extension and a NEW contract awarded by a NEW client. Especially one worth hundreds of millions
Due diligence has been performed and the new client has enough confidence in Petros future to invest 300mil into them. That speaks volumes to me
Another service company buyout -
https://www.linkedin.com/posts/energy-voice_breaking-altrad-to-buy-aberdeen-headquartered-activity-7186269707862200321-Uweg?utm_source=share&utm_medium=member_android
Petro is one of the very few international service companies not to have merged or been bought out, YET
Someone will be eyeing up Petro that's for sure