Member Info for Rangers1

WM - Totally agree with you re AIS. I understand that it is a SOLAS requirement for vessels to have AIS although there are exceptions for length and weight but AM does not fit into this. However thinking about AM's position in relation to buoy, would it be likely that her position would always be slightly off buoy coordinates if antenna is not directly above moon pool? Just a thought.

WW - You are correct that test of systems required before entering 500m zone to go alongside an installation e.g PSV to Rig etc. Not sure if this would be same for AM as it is going into it’s own 500m zone.

ADUK 17:46 - I heard Transocean Leader doesn’t carry chains, only wire and hence reason for pre laying. Your suggestion 18 months ago may be reason why they changed from PBLJ, maybe!

Well that didn't take much. A fairly decent article about HUR, albeit most of what we had a fair idea about resulting in some good posts, thoughts and the like. Ok some wind ups in between but you just get by that.

It's fair to say that there are differing views across the discussion, some I agree with, some I don't and some would keep me on the fence. The good thing today was, we saw fair discussion by "Grown Up's" which let's face it we all are.
Maybe we are suffering a bit from cabin fever, what with slow progress, festives etc. and hence the reason for utter drivel being posted over the last while.

In my initial post I was not for a second saying HUR would go it alone, need ooddles of capital nor will will I be selling up at this point. "The Plan" is just that, a plan which can change at anytime. Any developing business has to have one to give direction, focus, to take it to the next level. It also needs investment. I sincerely hope G15 is correct in that there will be no need for additional capital and the future plan will be for others to take to fruition. I'm maybe too pragmatic for my own good but that being said, it's my way and it has served me well.

Good luck to all invested, well not luck, let's say success for all invested. You don't get this far with luck!

The article is a good read with lots of information on how RT/HUR see's the business moving forward.

Only yesterday I took time to read the 2018 interim report and one thing which concerned me was capital requirements for future plans and the mention of fund raising. We do not have to be a partner at a Big 5 accountancy firm to realise that the plans detailed in the EV article will need considerable funding and by HUR's own admission, EPS generated cash may not suffice and why they have highlighted the need for capital as a Principle Risk.

I think that we all wish HUR to be a success and make us a decent profit on our investment, but on what timescale? The plans detailed take us through to 2021 and for some would mean a 7 year odd investment. Not exactly short term windfall with the possibility of further fundraising/dilution along the way. We all hope that a JV appears with a few majors involved to buy out lock, stock and barrel after EPS has been running a while but will this happen, IMO it won't and the reason, the business is potentially too big as one entity. Back in 2017, HUR set up 4? separate companies and at the time, I thought this makes sense and gives a route for a clean split of assets should others wish to JV in some but not all and this would appear to be what has happened with Spirit Energy. The only thing we realised from this was a free drilling programme and future investment to a certain amount.

Where am I going with this, probably just thinking out loud really. My main concern though is does it get to the stage where capital requirements and fund raising just keep wiping out increases to share prices as has been evident in the past. (53p 2014 C653m shares, 67p 2017 C1.2b shares, 60p 2018 C1.9b shares + convertibles). In the past, I have mentioned I don't like debt. To date, HUR have basically diluted each time cash is required pretty much like the guy who likes to change his car a lot with the next one better than the last. Ok he has a better car on paper but what about the increase to his monthly payments and increased outstanding finance. I think you may see what I am trying to say here and is by no way a deramp or whatever. Just an insight into my thoughts regarding my investment.

Well Malcy's tweet confirms it, no surprise there! As I said on Friday, some chain yanking me thinks. I like a good wind up myself.

SIPP - You do get about! Some excellent snaps.

fandg2 - Not entirely sure, but I reckon the figures quoted may be for quayside mooring and where the AM is anchored may actually be outside the Cromarty Port Authority jurisdiction and therefore no charge. Remember we have a Standby Boat with us too and therefore extra cost should it go to port.

Why Cromarty and not Lerwick? The obvious answer is that Cromarty/Moray Firth is way more sheltered but what other considerations are there? Well, what if the AM needs supplies, which it will (food) then it is a quick turn around for Grampian Sovereign. Any crew change could be done from Invergordon or Cromarty by vessel (possibly Standby boat) thus saving flight costs. Just a couple of examples but only Bluewater will know. You may be thinking well why not Lerwick it's closer when window opens? Well, the weather will dissipate and not be there one minute and be gone the next. The weather will be watched and transit timed so that AM is on location at the same time as if it were to go from Lerwick.

ADUK - Due to Marine Traffic not liking my iPad, can't check SNH. One thing I would say is MV Vera is not a Scottish vessel, it's Spanish and there are a few others in the area. If the SNH was within 500m of buoy, neither the AM, standby boat or guard vessel (may have already left location) did their job. On that point, we may see guard vessel return.

Not that you will be interested, but you may now understand why Scottish Fishermen are Pro Brexit (Christ why did I mention that!) and NE Scotland have ditched the SNP for Conservative. Basically to take back control of our waters and lucrative fishing rights and get these foreign boats out.

Extracts from 14 Feb 2018 RNS. Do any phrases give any cause for concern or was the paint too thick?! Discuss at your leisure.

Operational Update:

Successful Trial Fit Testing of Buoy and FPSO Turret

"A key project milestone has been achieved, with completion of buoy 'dry' trial fit testing operations by Bluewater Energy Services BV ("Bluewater") and Dubai Drydocks World, LLC ("Drydocks World")."

"Under the EPC contract with Bluewater, the Aoka Mizu FPSO vessel ("Aoka Mizu") is currently undergoing repair, upgrade and life extension works at the Drydocks World yard, in Dubai. This facility is also carrying out the fabrication of the buoy which will form part of the project's mooring system. A 'dry' trial fit testing operation was carried out between the buoy cone and the turret mooring system ("Turret") of the Aoka Mizu. The final step in the testing sequence involved separation of the Turret from the buoy cone, which occurred on 13 February 2018."

"The successful completion of these operations provides a high level of confidence that the newly machined conical ring of the buoy will successfully engage with the machined receptacle of the existing Turret, during the offshore hook-up campaign for the Lancaster EPS. Thanks to careful dimensional control, and appropriate scheduling of the activities, the fit and proper functioning of the Turret locking mechanism has been demonstrated a week ahead of schedule."

"As the cost and schedule consequences of an incorrect fit during offshore hook-up were a significant risk to the Lancaster EPS project, Hurricane, Bluewater and Drydocks World are delighted with the positive result. Importantly, this milestone has been achieved with an excellent safety performance."

"The buoy cone will now be released for painting and to be connected to the base buoyancy structure, which has been fabricated separately from the cone. Completion and outfitting of the buoy is on schedule; it is expected to be ready to sail away from Dubai during the second quarter of 2018. Handover to the offshore installation contractor will occur on delivery at the port of Lerwick in the UK, in order to be installed during the third quarter of 2018."

Cromarty, pretty sure the forecast route is a non starter. As for Invergordon....really? Someone yanking chains I think. But hey, so much second guessing, assumptions, attempts to join dots and if we keep trying someone will be right........eventually.

Yeah.

SIPP - East. Cullen.

SIPP - No can do this PM. Currently just along beach from Bow Fiddle, is watching some mad surfers!

SIPP - Don't stay in Aberdeen. If you are still anywhere near Bow Fiddle, let me know as could meet up pretty quickly.

SIPP - Your at Portknockie then. Pretty close to me. Where are you staying?

I should see her sailing across the Moray Firth tomorrow then. Christ, hope she's not going into Nigg, that wouldn't' be good. Reckon destination is shown as Nigg, but like last 24 hours showing Aberdeen, not 100% true. She will shelter in Moray Firth for weather window then onward.

61C, check in now. Well who would have thought.

Now down to one chopper for HUR on Bristows departures for tomorrow. I suppose the debate passed a little time!

BNB - That's not what I meant. What I meant was that Grampian Dynamic, as a standby vessel, could be utilised for heli ops on the run to provide standby cover. Again, a tongue in cheek comment hence the !

Grampian Dynamic lying off Aberdeen with destination Aoka Mizu. Suggests she'll wait there and shadow AM to Lancaster. May also utilise her for on the run crew changes!

Laserdisc - Anything on a PSV for HUR? Clarkson's still show this as a requirement.

BNB - Please see my ramblings (and just that) of 11:21 today.

SOTB - No problem. That thought did cross my mind but quickly dismissed it. Hopefully they don't need to test it!