Member Info for RealitBites

Actually Dannyred, the golden drip of P was both a reference to their logo and a nod to the fact that it could be rubbish, or it could be a golden share.

Which is why I keep considering it. Some big risks, but handled well and with luck (or a major change in ownership/management), this could go the opposite way big time.....they need to rebrand though....desperately... as soon as they clear the SFO investigation!

I have previously worked there and for many other O&M/EPC contractors. I know how they work and understand why their shares have been under relentless pressure. They have issues like many in that game. They were much better at O&M, bodyshopping than E&C. Whether they are corrupt, I wasn't there long enough to know, but hope not, as I know some guys there and hope they aren't involved or tarnished by association.

I'm normally a longer term investor, so was waiting for some better news on SFO or major changes to management at several levels. Also for more concrete moves towards green as they actually have little and their petro branding sucks for the branding sensitive renewables sector. Coupled with SFO and minimal experience, they will struggle to win work there unless they go in VERY low initially, have they done that on recent wins?....or they could get someone like Lufkin back! hahaha sorry
It's already a very low margin sectors and they have been back bidding for lump sum jobs......after Laggan Tormore?! Rushed big lump sum tenders, low margins on bodyshopping.
Majority of assets are paper promises from their accounts, a book of HR contacts.
They have a huge pile of cash and an even bigger pile of debt to easily consume it.
Big revenues, tiny margins under pressure and big downsides on anything lump sum they have taken on.

But like many, I see the drops, know they have guys on assets (who could be transferred to other orgnisations easily incidentally - it'd be like the O&G version of Carillion) and think this COULD be a bargain and luckily have some cash available from my higher risk pot.
Which is why I keep coming back and thinking about it...and finally after months decided to pipe up...but everytime I go to do it, it drops again. I'm not watching for the bottom, I'm pausing to make sure it's not going off the cliff!

I've been sitting watching this, wondering whether to get stuck in or not and finding the constant ranting quite entertaining.
Although it looks a bargain, I was put off by their statements. I see no real assets, other than contracts which are mostly struggling, underbidding lump sum work.
There's definitely been corruption and knowing the industry and company, it doesn't surprise me and I worry there's more to uncover. This today adds to that fear, London based company on brink of collapse given some free advertising and promises of work from the UK gov.
It did make me laugh when ADNOC banned them, is that as they aren't paying bungs at the moment! lol No point in asking them to bid if they don't stand a chance anyway!
If this doesn't tank in next two weeks, I might, just might, buy a few in the golden drip of P.