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Agreed. Gotta hope their carousel and flying leads can get this over a dime again one day. It would seem crazy to me if they can't grow the business from here with the apparent strength in the offshore oil arena. Of course we need that to happen AND management to act in our best interest before we get paid.
lol. i never said they should get a billion $ project....i'd be happy with 1/100th of that or $10 million instead of 2 or 3 mill per PR.
you can call them a machine shop or their products big wheels all you want but my point is that their clients have really big bank accounts. also, designing, getting patents and winning awards for deep water subsea equipment is not as easy as you imply. i'm not denying that they are extremely small compared to others in the industry but what they do does take some engineering. in that regard, they are similar to oceaneering.
ah, i see, that makes sense. i had just assumed they had shipped those filtration modules out already.
i'm not sure how they can do it but Deepdown needs to find a way to start getting awarded larger contracts...a few million $ at a time is nice and all but this industry pays in the billions. i think Ron indicated that their goal is to try to net bigger contracts in the future as they are trusted more by the industry. they have been in the game for a while now. time to step it up.
BP signs $1 billion contract with Oceaneering
Published On 16 February 2012
The deal is Oceaneering's largest contract worldwideBP Angola has awarded subsea operations company Oceaneering a $1 billion contract to support the company’s deepwater exploration in Blocks 18 and 31.
The contract includes up to three multi-purpose field support vessels with associated project management services and is supported by Oceaneering’s sub-contractors Sonasurf and Fugro.
The $1 billion package will ensure support for Block 18 and Block 31’s subsea infrastructure maintenance, inspection and repair activities. It is set to run for a five-year period from 2012 and is the culmination of around two years of strategy development, market approach and final negotiations.
“This contract is very important for Oceaneering,” says Kevin McEvoy, CEO of Oceaneering.
“It is not only the biggest contract we have in Angola, it is also our largest worldwide. We look forward to continuing our global relationship with BP, and I look forward to a very successful start-up and project-execution in Angola over the next several years.”
Long-term commitment
“The field-support vessel contract is a strategic long-term commitment for the Angola business, which will help us manage safe and reliable subsea operations,” says Tim Bass, chief procurement officer for Angola region.
The contract was signed on February 8 at BP’s Torres Atlantico building by Kevin McEvoy and Tim Bass, in the presence of regional president Martyn Morris and senior managers from Sonangol and BP.
Multi-team effort
The contract is one of the highest-value contracts awarded by BP Angola. The contract preparation work was carried out by a multi-disciplinary team comprising Procurement and Supply Chain Management (PSCM) and technical and functional support teams, such as finance.
About Blocks 18 and 31
Block 18 is operated with a floating production, storage and offloading (FPSO) vessel. The design of the field and use of the FPSO owes much to lessons learned from the Schiehallion field West of the Shetland Islands in Britain, the Girassol field offshore Angola in Block 17 and from BP operations in Azerbaijan and Alaska.
Block 31 is the most westerly situated block of BP Angola’s portfolio. It is more technically challenging than other blocks where BP has an interest due to deeper water, known as ‘ultra deepwater’ and more complex geology.
since i havent gotten rich off this stock yet i try to get my money's worth by watching the cameras from time to time. what the heck are in the crates currently shown in the courtyard cam? loose tube flying leads or the lost ark of the covenant?
This is getting too tempting under 0.80
Probably welding inspection and/or UT on the carousel components. I imagine they have to document a clean bill of health upon completion and before transportation.
http://tescorlabs.com/12301.html
looks like you played that one like a champ if the recovery holds.
i was a click away from selling the other day at 1.08 but i decided not to. most of my position is closer to going "long" than i realized. because i believe the increased production (even with crazy export losses) justifies a stable price over $1, i decided i'd rather have my position go long and pay less on taxable gains than play the flip game.
the biggest risk i see is nigeria geopolitical/religious unrest. it would not surprise me if the export line was blown up altogether. outweighing that risk is the fact that it looks like Mart is sitting on a great multi-layered onshore OIL play with more reserves than what is currently reported....imo
i assume this is the reason for the sell-off today...although i'm not sure...
The owners of the export pipeline have notified Mart and its co-venturers that export pipeline owner's estimate of the Umusadege field's share of crude oil lost or taken from the export pipeline during the 2011 calendar year is approximately 213,000 barrels of oil.
"lost or taken from teh the export pipeline"...is this just a cost of doing business in Nigeria? 213k bbl strikes me as a lot.
some nice consistent stair step buying action today.
looks like they are currently working on a giant yellow spool with the crane in the West Yard...not sure what that is. A lot of work going on today.
i think the carousel mentioned in this Nexans PR is the one DPDW has built at core industries port http://www.nexans.com/eservice/Corporate-en/navigatepub_142482_-31407/Nexans_wins_power_umbilical_contract_for_Chevron_o.html
if you recall, even though the first spooling project was for BP, the umbilical was Nexans... http://coreindustries.us/2011/09/16/on-site-carousel-sees-first-spooling-project/
i know deepdown gets some sort of revenue for helping test the umbilical and perhaps for operating the carousel but i still don't understand how much deepdown can earn from the caousel at Core. it is encouraging to see projects involving it lined up for the future.
$1.00 is a possibility today. I will be looking to take some off the table soon and add back on dips. Not sure about 4Q, but 1Q production and revenue should justify $1.00 based on full quarter of increased export capacity IMO
Never mind, that 4 + 13.411 = 17.411
The York statement of ownership from 1/10/2112 showed 17,411,034, so that is clear. Not sure about the other 4 mil block before market closed.
That's not something you see everyday. Hopefully it is the company buying shares from York or another big holder, but I was thinking they would make a deal with York and not buy them on the open market?...
Like clockwork, good drilling results on #9 and increased export capacity. This company rarely has any bad news to report. I'm waiting for $1.00 before I let go of any shares.
Was looking at an umbilical and cable carousel design company who has done business with aker solutions in the past...in north sea...they look legit
http://www.maats.co.uk/
http://www.shippingandmarine.co.uk/article-page.php?contentid=12835&issueid=391
I listened to the webcast. There is a lot of good information on the different layers of deepdowns business. Their list of clients is basically a who's who of offshore E&P...BP, Exxon, Shell, Nexen, mcdermott, helix, subsea7, oceaneering, etc. It is surprising that a company with a 0.06 stock price could be an active service provider to a trillion $ offshore industry. There is a lot of talk about increasing project size and margins and building a track record to get bigger deals.
I applaud the start of these conf calls and webcasts after earnings. It adds needed transparency. As an engineer, I respect the innovation of the company Ron has built. Ive talked to some people in the industry that know of deepdown soley bc of the carousel. They can design, make and sell products that the offshore industry wants. Now they need to just focus on their strengths and get it done. Potential won't help the sp down here sub-dime, only profits! They seem to have been humbled a bit by the York JV with respect to aquisitions. I hope they put shareholders as top concern and operate lean and mean..as they went on record and proclaimed today.
Do you know what patents they have or have applied for related to the carousel?
That ROI sounds like they should just build them and operate them at strategic locations...or sell them for more money
I was starting to fear the buyer didn't bring a big enough paper towels to clean up the seller
Did 250k just switch hands at 0.06? We need a big buyer to come soak up the loose shares before this goes anywhere.
Muni, i noticed you set up an ihub account today and that appeared to be your first post. Is that correct. If so, welcome and what brings you here?
Thanks. Whether you place your money with a bookie or a broker, it's all gambling...especially with small companies such as dpdw
Spec, anything from V-ger of interest these days? The BP Nakika Phase 3 umbilical loadout was good to see on the company website. I wonder what deep down gets paid for an operation like that at Core Industries?(should see it show up in 3Q results). I wonder how often they will have product on the carousel and service oriented gigs like that? The event was posted on the Core website and painted as a success for all companies involved. Can V-ger see into the future? If so, also ask if Oregon will cover the spread against Stanford. Thanks!
Fwiw they haven't been giving away shares in the 5's the last 2 days. Two partially filled orders is all I got...
The same thing was done by both on 11/22/2010, albeit for only about 100k shares. There have also been numerous acquisitions of shares by different people at .09-.10 as per the change of ownership filings over the last two years. I don't fully understand the 'tax purposes' but at once per year I'm not concerned.
I've always wondered if all employees were awarded stock as part of their compensation some how...
Looks like they are working on some new equipment this am in fab shop. Anybody know what the half-moon looking thing is? Maybe part of the recent flying lead contracts?
Pretty boring around here.
I looked real quick before lunch and it looked like they had a yellow subsea manifold of some sort underneath the tent in the court yard. However, now I can't login to the cameras.
I'm not sure what it will take to move this sp. 3q earnings? Carousels built in every city?
On my way home from IAH airport the other day I noticed a large yard full of what looked like riser bouyancy modules(similar to the ones that just left deep downs yard) at hardy toll road and 610 loop, just outside loop and west of hardy
Started a position here yesterday. My buy orders today at .011 & .0106 havnt been touched.
Set a limit sell at .0047 this am before I left my desk that got filled. Won't complain about a double+ in a day but it's hard to leave when the fish are biting.
been watching for a while from the sidelines. took most of the day but i finally had some orders for 0.0125 and 0.0121 filled today to start a position here...glta
i had been watching this a long time trying to determine if they're equipment was the real deal. this news confirmed to me that it has some merit. obviously, i'm not the only one as volume has surged.
chased 0.0015 & 0.0018 this morning and then bought about 1mil between 0.0019 and 0.0022
now wishing i had bought more down there
Good news on umu-8 well today in pr. Still surprised at the lack of movement in sp given the resource they are proving up. Ultimately, i suppose they need to solve the export choke to unlock the value.
they work pretty fast. it appears to be the framing to a tent or building. perhaps a cover for extra space to work in the shade...perhaps they are throwing a party and need a tent
anybody know what the white frame is that they are currently constructing in the 'courtyard PTZ'?
not much stock price movement today for $8mil announcement.
we knew they were building another carousel already from the cameras. what we learned here is that they will be able to sell them for about $4mil a pop and they have 2 confirmed orders with potentialy more to follow. worldwide, i think there could be room for quite a few of these systems.
also, the mention of passing safety audits is critical. this helps make deepdown legit for big companies to work with.
no mention of what all the other equipment is that they have been working on. add that, mako, and these carousels together and we could see some nice numbers in future quarters. in the short term, i'm not sure that 2Q will be anything spectacular.
yep, good to see. that kind of activity sure makes a sub-dime sp a little more tolerable. i can confirm the cameras are live as this is the first day in a long time that we've gotten rain down this way.
10,000bopd x $100/bbl oil price = $1,000,000/day gross revenue
less royalties, taxes, etc... = still a lot net of money being generated every day
i'm surprised this announcement didnt get us back in the 70's. the sp is quite volatile. i want to trade the swings but am worried i'll be caught out of position.
no joke. summer hibernation mode. i did notice that both the dpdw website and core website indicate the carousel is near completion. i think i read somewhere it was scheduled to be finished in late june so they might have to install some operating/control equipment but the structure is complete. it will be nice to see a pic of it with some umbilical spooled on it.
also, from dpdw webcams it looks like they have installed some of the flotation bouyancy modules to the risers in the channelview yard.
Nice recovery this week. I don't know but I'm sure the unrest in Nigeria and the workover rig fire scared some folks. i know i sold some of my position and watched and then reloaded. hopefully all that is behind us and they maintain oil production from the field at max capacity rates.....keep the cash register churnin!
i was on i-10 about a month ago near downtown and saw a nice pickup pulling an enclosed trailer with deepdown graphics all over it. it looked good. it was too small to move heavy equipment and given the fancy graphics, i speculated it might be associated with the Deepdown Studios group...not sure.
pilot, did you see anything like this during your visit? shoot me your email if you dont mind via pm if you have that capability