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His profile says he is based out of Manila Philippines, employed by H&W since Sept 1978, now an electrician. Clearly a happy chap! Maybe a new “Nazareme” on a different platform? Who can remember him from a long time ago? Had a bee in his bonnet about fracking.
Thanks Si - you have made my day by giving me a good laugh. We know corporate communications, investor relations and the BoDs are doing their job well when we have to revert to a surf web-cam to see what is going on. Too classic.
LiquidSilver, I would certainly hope so but I don't believe anything that JW says anymore. He once said publicly that there could be FID on IM even without the ML. Most of us wondered how this could be possible. Now there is a ML (despite the JR) and yet there has never since been any reference to FID. I am afraid that I do not believe anything that man or his subordinates say. I believe that there is value in IM when in the hands of the right BoD’s. I don't believe there is sufficient value in shipbuilding, repair, decommissioning etc. - too capital intensive (dilutionary) for a small operation like H&W who cannot get a debt facility despite promises..
Maybe a lesson: first have your house in order and then rely on trade to help keep peace. If trade stops then at least you have a fallback position. The UK as an island nation is without access to sufficient energy and with a significantly reduced and outdated navy (and army) to defend it. This is a rather precarious position - for us this is very long term but recent events may have accelerated the timeline and thinking, thereby bringing value to both IM and shipbuilding. Given the low market cap it will only take a little bit of something to move the needle a lot.
Some countries can decide quickly. The UK unfortunately is not one of those countries.
In the wider scheme of things it would be utterly remarkable under the current Russia sanctions (that will be very long running) if the UK don't decide to invest in gas storage. It is now a matter of necessity, not a nice to have. Either the Eu and Uk will need to continue buying Russian gas or they will need more storage - and we all know the UK has way less storage than other countries. It has come down to potential (minimal) environment concerns of pumping a saline solution into the sea versus stopping Russia. What a whacky world we live in!
Exactly. Aussie price has dropped a bit (but still above listing price) and based on todays SP in Aussie and the UK, it means the Canada assets are valued at just 3.7m. Worth a punt.
Is the Eduard Toll going into the dry dock? Seems to be moored just outside.
TR1 soon
More fluff or more guff. Doesn’t bother me. What really bothers me is the gas storage. If the BoD cannot get it over the line in the current market then we are all cooked. Well over 10 years and waiting. More potential value there than 5 or 10 years of shipbuilding and fabrication yards.
Yes, still here. Amazingly quiet - like 1 or 2 small trades a day. Nothing really on Twitter either except the odd rehashed PowerPoint slide covering the various targets. Been watching the SP in Australia - PNT seems better down under than PALM. Maybe they know more about mining and exploration than the UK market does.
I think we were promised quarterly trading updates by JW with the aim of keeping shareholders up to date (I think JW made this promise after heard our discontent before). One must be due any day now. Interim results were published on 1 November so 3 months back. Let’s hope they can at least keep this simple promise to us.
Here you go oldtramp - from 4 December 2021. https://www.upstreamonline.com/energy-transition/-no-walk-in-the-park-saipem-to-shut-two-yards-and-scrap-three-vessels-in-2022/2-1-1093706
Potentially not good news regarding the second order. https://renews.biz/75289/saipem-withdraws-outlook-citing-offshore-wind-woes/
Italian marine engineering outfit Saipem has withdrawn its outlook for the year and revised its order backlog due to “significant deterioration” in margins, including in offshore wind.
The company said the margin erosion, which is also affecting its E&C Onshore work, has been caused by “the persistence of the pandemic and the current and prospective increase of the costs of raw materials and logistics”.
Consolidated adjusted EBITDA for the second half of 2021 is down by approximately €1 billion compared to previous estimates, said the company, due in part to “recent further difficulties in offshore wind projects”.
“Impacts from delays in critical supplies are combined with revised estimates of execution times and costs” from the unnamed offshore wind projects, added Saipem.
Consolidated revenues for the second half of 2021 fell from €4.5 billion to €3.5 billion.
As a result, Saipem's statutory financial statements for 2021 are expected to close with losses in excess of one-third of company’s equity, which triggers the application of Article 2446 of the Italian Civil Code.
This may give rise to the right of banks to accelerate the repayment of certain outstanding loans to the Saipem, said a statement.
Saipem has therefore initiated preliminary discussions with banking counterparties to “pre-empt the potential consequences on the loan agreements resulting from an occurrence of events”.
Just saw that the Aussie SP is up 40% since listing - now at 0.28. I wonder if Aussies know more about mining than in the UK? Probably. I also wonder if Canadians know more about mining than in the UK and if so then perhaps listing the Canadian assets in Canada would help? Does a UK listing for a mining exploration company (with only Aussie and Canadian assets) bring the right shareholder value?
Is the strategy not to start projects, get them through the risk stage and then sell them retaining some equity interest? This is that way it has been presented in the past and I don’t recall ever seeing a strategy document update / change. If the original strategy holds true this would imply buying the risky yards (projects), getting through the “risk period” (which would include upgrades to facilities and building an order book etc) and then sell the de-risked business while retaining an equity interest. Maybe the published strategy is not being followed.
I expect quite a few of us are averaging down. If so then the holdings will be even tighter. Just crossed the 1m mark.
Thanks. Re the FID let’s hope - I still wonder why JW said before that FID could be achieved before the ML was issued and we find ourselves in this situation - none of understood his comment at the time. Re the debt facility, I would remind that in the last published annual report the loan from Portnam is at 13.2% p.a. on 2.09m and is repayable next month. The loan from Riverfort was at 1.5% per month so close to 20% p.a. I trust this was paid as planned in February 2021 - I cannot recall seeing news on this. Surely it would be financially advantageous to take the new facility at lower interest rates as soon as possible to get away from these very high interest rates.
Have been absent for a while - lost a bit of faith but kept my holding. Anyone have any views on what is happening with the FID? At one stage (a long time ago) JW said they could reach FID without a ML and now we have had the ML for some months already and there is no sight of a FID despite the gas environment and shortages being more prevalent than ever. Is there something material that we dont know about? There must be queues of potential offtake partners at the moment. My view is that they should just sign a deal now rather than waiting for perfection - while in the meantime we get diluted into oblivion. Since they don’t seem capable of getting a decent debt facility in place new issues are the only alternative. Time to think a bit differently? Can an old dog learn new tricks?