Member Info for persimmon

Ensco 72 Reportedly Gets Contract From Corallian Energy
Sep. 28, 2018 1:56 PM ET
•Ensco 72 receives contracts for two wells.
Ensco 72
Both contracts are with Corallian Energy for drilling offshore UK. The rig will drill two wells, which should take about 60 days. The dayrate is undisclosed.
The rig is an older harsh-environment jack-up which was built back in 1981. Ensco also has two older harsh-environment jack-ups, Ensco 70 and Ensco 71, which are currently cold stacked in UK. Currently, the market has 72 harsh-environment jack-ups, which were built in 2000 and beyond (Bassoe Offshore data), and 14 older rigs. Thus, this contract is especially important for Ensco 72 as it keeps the rig afloat. Previously, the rig was on the contract with Petrofac in the UK at an undisclosed day rate.
The dayrates for older harsh-environment jack-ups are somewhere around $60,000 (Bassoe Offshore data) right now, so the new contract brings about $3.6 million of backlog.

I would like to have sight of this contract and any onorous conditions that may be applicable
Hopefully the start date will be from the time that ENSCO72 leaves port, and there are no completion date over runs.

Thanks luckyman2 for the update....I think what we may deduce from this then is that if there is any further slippage then Wick will not spud until 2019.

According to posters on Monday wasn't the rig supposed to be underway by 2pm today?

If this is from the broker that also holds shares in RBD I personally take it with a 'sack of salt'.

Chris..."is that like body popping Persi"?

Makes me dizzy just to watch it!

Ever heard of..............Flipping?

francobrett...'Don't shoot the messenger'

luckyman2.......read it carefully it says and the operative word is "anticipates". That does not mean definite. It could have said 'most likely'. These kind of statements are usually couched in words such as maybe, could be, possibly. Easily overseen when looking for wordings that the reader WANTS to hear. It was phrased like this for the simple reason full consent for Colter and Wick has not yet been received.

Crikey Chris, for one awful moment I thought you were going to say 'strong and stable'.

Morning Chris & Simon and everyone...exciting week ahead do we think?

Regarding the upcoming meeting on Monday we all know by now that Stephen and Sachin can 'talk the talk', but California aside we have yet to see them 'walk the walk'. We are in my opinion still light years away from realising any sort of returns that will generate profits that in turn will generate dividends. The drills up to now will in no way provide that, so we are therefore dependent on playing the s.p. I would suggest that having experience with high risk oil companies before then if we are to see Reabold as an investment that will give returns other than speculating on the s.p we are 5 years away. I know we are not an operator but until oil actually flows in sufficient quantities we may as well be.

Wasn't the rig supposed to be hitting the high sea today?

BMC77...some put two and two together and make five.

Always know when RBD is under pressure, Chris & Simon are conspicuous by their absence.

Simon should be back with us before long to give us all an update on proceedings.

luckymman2.......The MM's always omit their full title, 'Market Deceitful Makers'.

Reabold Resources must be one of the most volatile OEIC (Open Ended Investment Companies) regarding price movement around.

Very much doubt that. They seem to be a 'broad brush' company not in the same league as Thruvision on a number of counts. One of them being that U.S money has been used in the development of Thruvision, they have been accepted by TASS for use in the USA. Another bar to them becoming accepted in the USA is, they unlike Thru do not have U.S subsidiary companies and utilising labour that are U.S citizens. The U.S as we all know are very particular who they allow to become involved in their security and defence markets. Thruvision must have seen this many years ago and their strategy now seen confirms this. On this alone Thruvision is years ahead of QMC. OMO as always.

afrc....That is true, but remember that they have sub-contracted the actual manufacture, and will be only manufacturing to orders actually received. Obviously there will be the set-up costs but not many businesses can produce a profit of over 40%. Time will tell, but with the patents held this must in my opinion be a company worth many times its present valuation within a short time frame.

"The maximum consideration payable for Disposal is an aggregate of £27.5 million in cash of which £25.5 million is payable on Completion (on a cash free/debt free basis) and the remaining £2.0 million is payable subject to the Video Business securing a specific trading contract within 12 months following Completion".

The above extract is from DGB prior to the management buy out via Volpi. The difference of £2million is still owing to Thruvision, and I would expect subject to the above contract being fulfilled that these monies would not be included in the interim statement, but will be included in the full year accounts to be presented June 2019. This due to timings of the DGB separation not announced until October 2018 and the completion of the interim Thruvision Sept 2019; less than 12 months.