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Anyone have any stock for sale? :) Hi everyone. Nice to see you all. Hope this finds you well and dipped my toe in today. See what happens.
About time you bid each other up... lol...just kidding.
Hi everyone... NICE.
Fishdog is always right... :)
Ameritrade streamer erhe quote problems.
Subject: Re: Ameritrade Other Technical Issues (KMM52587823I97L0KM)
I have checked the web site (real-time and streaming quotes) and our back office system on ERHE and all information matches showing a correct bid/ask of $0.52 by $0.53.
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Original Message Excluded:
--------------
OT Fishdog,
Email me when you have a minute. No rush.
in_on_a_dime@yahoo.com
Nice summary.
<One last major point is that many have said how hard it was to understand Peter N. on the webcast. He was very easy to understand in person and comes across in an extremely positive manner. Shocked to hear how negatively he came across on the webcast.>
I think the microphone was a bit too low at times, but he really wasn't hard to understand. Having said that, everyone must attend the next shareholder's meeting!
Thanks for the compliment Petermantx, but I'm well over 40, so lump me in with the middle age group!
I picked up a few at .40 today. I wish I wasn't driving from Houston yesterday to see .36. I'd be shocked to see the .20's again because I believe everyone at the shareholder's meeting will be taking out a loan to buy more in the low .30's. Just wake me up when our ship comes in....however you'd like to interpret that statement works for me!
<Jeter bluntly stated that that could not/would not happen today, because the directors would not allow it. >
Yes, that is right! I was standing next to you when he said that. I forgot. Good call...that impressed me too!
I was glad that I was able to attend the shareholder’s meeting and it was great to meet some posters, the directors and staff. It is clear that our team is very professional. I was impressed with Peter, Jim and the Honorable Jeter. I believe it was easier to understand Peter in person, and I thought he did a good job talking slowly – maybe this link helps http://www.erhc.com/en/art/?43 .
It sounds like continued patience is the key to shareholder success. I will more than likely add shares to our pile sometime this spring or summer. I hope that the directors and management buy shares either in the open market or through options. It looks like Mrogop spelled out how it can be done in post #126226 – thanks.
Dan K. did a good job, and I’m with Fishdog wondering if he was in radio in the past! LOL. We tried to get him drunk to share more information, but no such luck…...just kidding. He was as professional as the rest.
Some poster asked about Peter laughing at the white board. It might not have sounded too good over the webcast (I haven’t listed to it yet), but it wasn’t in bad taste seeing him light hearted about it. IMO
I have to comment on post # 126153 (below) now that I’ve met the Directors. I do not believe these guys are in any way Offor’s puppets. Peter also stated that the investigation has slowed down their search for a CEO (thank you Peter for filling the interim roll and for doing such a fine job). It sounded to me from speaking to both Ambassador Jeter and Dr. Uzoigwe that Offor is very much a professional business man and is very busy. Jeter said he has only seen Offor once since his resignation (August I think). Uzoigwe was difficult to understand which was a shame because I’m sure he had some very interesting stories and information to share. While I was sitting at the meeting I was reminded how fortunate we are to have such a top notch board. Let’s hope that when we add directors that they will be have the same class and will be in the same caliber as the others. I believe we need 6 directors for listing, but maybe that number depends on exchanges.
I’m looking forward to learning more about our new employee.
Petermantx, Fishdog, Manti and other posters who have already commented about the meeting have done a fine job, and I don’t have much else to add. I thought the hotel setting was nice, even though the room was large, I thought it was just fine. They provided us soft drinks, cookies, fruit, etc, but nothing over the top money wise – all in good taste…..no pun intended.
We have some real stand up posters as well. It was great to meet Fishdog, Deere, Manti, Sidewinder, Petermantx, wtao, Tamtam, a few lurking i-hub shareholders and others. Speaking of lurking, I’ll be checking in from time to time. I can be reached at in_on_a_dime@yahoo.com. Good luck to all.
___________________________
Posted by: kobiashi2000
In reply to: doug c who wrote msg# 126132
Date:4/22/2008 6:51:59 PM
Post # of 126370
I agree, Offor is still running the show and will always be running the show which is why no CEO has been hired,
_____________________________
TIME: 3:00 p.m on Tuesday, April 22, 2008
PLACE: The Renaissance Houston Hotel
6 Greenway Plaza East
Houston, Texas 77046
ITEMS OF BUSINESS:
(1) To elect Three Directors, each to serve for the term expiring in 2009 or until their successor is elected and qualified;
(2) To consider and vote upon a shareholder proposal, if properly presented; and
(3) To Act upon any other matters that may properly come before the meeting.
See you there.
I'm starting to list now. I haven't seen one, but I haven't read all of the posts from when the S/H meeting was first announced in December!
I think name tags are good idea too, but I was thinking about having them at the post meeting get together.
I'll volunteer to bring some sticky name tags and sharpie for both meetings and folks can fill them out when or if they wish.
I'm not sure all of these folks are going as i pulled some names off posts that directly mentioned the S/H meeting, and some are confirmed.
Cimmaron
Texsun
Manti
Stocks2rise
Petemantx 30 Crappie
OrangeDad
Deere
erdo
Sidewinder
Tamtam
Niko Heil
myself
Good the list is growing. This will be fun.
Just joking about the drinks...i figured newbie i-hub poster buys since most of us have suffered for years in this stock. Just kidding with ya.
See you soon. I'll keep adding names to the list.
Post shareholder's meeting at Justin's Sports bar located in the hotel. Drinks on Deere...
Hopefully it will be easy to get together right after meeting in the conference room and then walk to the pub, but if we get separated, I'm going to the sports bar.
We can toast after the meeting. I don't really think the meeting will be that eventful, but we won't be crying as Deere suggested, unless the DOJ raids us...again...LOL
It looks like the following might (?) attend the meeting:
Cimmaron
Texsun
Manti
Stocks2rise
Petemantx
30 Crappie
Orangedad
Deere
erdo
If you are going, please speak up. I look forward to meeting you all. I'll post the above meeting place on Elephants board too.
http://www.marriott.com/hotels/hotel-information/restaurant/houbr-renaissance-houston-hotel-greenway-plaza/
How about the sports bar?
I can't for the life of me keep up with all of the posts and didn't know if a meeting had already been arranged.
I'm planning on attending the shareholder's meeting on Tuesday.
Is anyone getting together before or after the meeting?
Thanks.
a bit more from Sfreed.
__________________
Reply | Forward Message #12104 of 12104 < Prev | Next >
Re: Share price
We all know that AGMs are highly orchestrated events with everything scripted, including the answers to shareholder questions (the PR firm will have thought of every potential question we might ask).
However, I do expect to hear relevant and interesting updates on activities, the usual updates on the investigations and possibly further information on anything announced between now and then, but we will hear nothing that has not been released to the public beforehand. I hope to be impressed by the visual integrity of the management and hope that they take the time to wander around and press the flesh with us shareholders.
Just because nothing new will be presented at the meeting doesn't mean there is nothing going on. It's just not ready yet.
________
I might see you at the meeting!
Thanks Majicathome and sideeki for answering my question. I didn't realize that wasn't settled - plus, i actually forgot!
Congrats to everyone holding. I'm amazed this has run on such small volume, which leads me to believe the shares are in very strong hands and we are all in for the long run.
I may meet some of you at the shareholder's meeting...I'm trying to decide if I go. I haven't been reading the board lately, and wondering about how many of you are going? Is there a I-hub lunch or dinner arranged?
<* Subject to a possible transfer of 7.2 percent to Addax Petroleum on parameters that are currently being determined.>
From the bottom of the update. Sorry if this has been discussed, but what does it mean?
TIA
I don't even have a 2008 calendar yet!
Looks unrelated, but thought i'd post anyway.
Offshore Driller Shares Suffer As Chevron Cancels Rig OrderLast update: 8/30/2007 2:04:42 PM
By Brian Baskin
Of DOW JONES NEWSWIRES
HOUSTON (Dow Jones)--Chevron Corp.'s (CVX) early termination of a contract for a rig in Nigeria has depressed shares of the offshore-drillers sector, which has long battled fears that rig supply is catching up with demand. Noble Corp. (NE) reported Wednesday night that Chevron had "exercised an early-termination right" on a shallow-water rig, the Noble Roy Butler, operating off the Nigerian coast. It was Chevron's decision to withdraw from the contract, said Noble spokesman John Breed. A Chevron spokesman was not immediately able to offer an explanation. Chevron's move "is going to raise eyebrows," Dan Pickering of Tudor Pickering & Co. Securities Inc. wrote. "Is this simply Nigeria instability or something broader? Probably former, but datapoint will bring out offshore drilling skeptics saying rig oversupply." Noble's stock was recently down 3.7% at $49.27, while other drillers were off between 1% and 5%. Shallow-water rigs, known as jackups, have been commanding ever-higher prices in every region except the U.S. Gulf of Mexico. But with new rigs poised to flood the market, most analysts see an end to the boom times in 2008 or 2009. "We are growing a bit more cautious on the international jack-up market in light of some recent negative data points," Jefferies & Co. analyst Judson Bailey wrote in a research note about Noble rival Ensco International Inc. (ESV), a major jackup operator. Breed disputed the idea that the jackup market is fading, noting that Noble was operating the rig for Chevron at below the market rate, and can lease it at a higher price when the rig becomes available in December. "We believe we're still in a period of high rig demand worldwide," he said. "It's a situation that affords us this new opportunity - I don't know it's anything we tried to get to happen." Two other similar rigs Noble operates off the coast of Nigeria operate at significantly higher rates. Chevron was paying about $130,000 a day for the Roy Benson, while two other companies pay about $170,000 for Noble jackups. Bailey made a similar observation, adding that Noble's "diverse fleet," which includes a strong presence in deepwater drilling, will be more than enough to carry it through any weakness in the jackup market. -By Brian Baskin, Dow Jones Newswires; 713-547-9202; brian.baskin@dowjones.com (END) Dow Jones NewswiresAugust 30, 2007 14:04 ET (18:04 GMT)
Chrome Group to Seek Listing for Some of its Subsidiaries
Last Update: 12:40 PM ET Aug 20, 2007Print E-mail Subscribe to RSS Disable Live Quotes ABUJA, August 20, 2007 /PRNewswire via COMTEX/ -- The Chrome Group today announced its plans to seek a listing of at least two of its companies on trading platforms in Europe and the Middle East. In a statement released in Abuja today, the Group Chief Communications Officer, Mr. Val Oji said that "this was part of a comprehensive growth strategy which Chrome Group was implementing over the next two years. Chrome recently signed a Memorandum of Understanding with Petrobras Petroleo Brasileiro S/A, Dedini Industries de Base S/A, Sugarsoft - G Rossi, Rhodia Energy (Brasil) Limited and UNICA, and NNPC on a joint venture for the exploitation of ethanol.
Prior to the commencement of the project, the consortium had secured over 50, 000 hectares of land in Katsina Ala/Benue River Basin for bio-ethanol production. It has also commenced feasibility studies on sugarcane and ethanol production. Our vision in this sub-sector is to be a dominant producer of fuel ethanol for use both in the domestic and international markets. This vision is predicated on increasing demand and rising prices of petroleum-based energy, rising demand for cleaner, alternate fuels and availability of large endowments of arable land, water resources and labour in Nigeria."
Mr Oji stated that the Executive Vice Chairman of Chrome Group, Sir Emeka Offor, had recently given up his seat on the board of an American public company, ERHC Energy Incorporated (OTC BB: ERHC) so as to concentrate fully on driving the implementation of Chrome Group's plans.
In a statement on his resignation from ERHC, Sir Offor noted that his devotion to ERHC, albeit as non-executive director and chairman over the past few years had come at a cost to his other businesses. The full text of Sir Emeka Offor's statement on his resignation from ERHC reads:
"In February 2001, a company that I owned acquired a controlling interest in ERHC and I became a non-executive director and chairman of the reconstituted board. At that time, ERHC was virtually dead. The shares were trading at a few cents and ERHC had no tangible assets. The Company was embroiled in a bitter dispute over its sole nominal assets, namely certain rights in the Gulf of Guinea, and there was little hope that the Company would ever resolve the dispute or realise any of the assets. The Company had no revenues and was deep in debt. The accounts of the Company were classified. It was entangled in claims by creditors and other claimants. In the Gulf of Guinea, the Company was regarded as persona non grata as a result of its disputes with the host government. I remember my business advisers at the time telling me I was mad to get involved with such a Company. My family also wondered why I didn't just concentrate on my substantial and secure business interests in West Africa. My group of companies were producing a sizeable profit and there was no need to imperil them by becoming associated with an entity of uncertain future.
In my more than 25 years of being a businessman however, I always relished business challenges. I was intrigued by ERHC when it was introduced to me. Here was a small American company whose only 'assets' were in West Africa. Subscribing to the American ethic that nothing is impossible, I decided to invest in the Company against the advice of my family, friends and associates.
The first thing we set about as ERHC's new board was to resuscitate the Company. It would prove even more difficult than I had ever imagined. Through perseverance, hard work and faith in God we were eventually able to give the Company a new life after four long and trying years. In those four years, serving on the board of ERHC was a thankless task for Nicolae and me who were the non-executive directors. The only other director was the CEO of the Company.
I brought all my goodwill in West Africa to bear, to salvage the Company. I have always believed that diplomacy and friendly relations are preferable to confrontation but without compromise of integrity and propriety. I was non-executive Chairman and Director, yet for the Company's survival, I found myself shuttling endlessly between the two West African countries where ERHC assets were located, mostly at my own expense. Ongoing and bitter legal disputes over ERHC's rights had alienated the government of Sao Tome and Principe and neighbouring governments. We had to capitalize on my affiliation with the Company before we would even be granted audience to seek rapprochement.
When doors were shut in our face, we persisted in our efforts. We refused to give up until people finally started to listen to us and began to reassess ERHC's claims on the merits. This was notwithstanding the fact that the legitimacy of ERHC's claims had been established by arbitration. The process was frustrating and exhausted me physically and mentally.
For ERHC's rights to be exploited, we still needed technical partners with expertise and financial resources. We embarked on an extensive international search which I led at the request of the Company management. I had to use my business reputation to secure participation agreements for ERHC with three reputable American operating companies in 2004. When those first participation agreements did not work out, we had to move quickly in 2005 and 2006 to find replacements so as to save ERHC's assets in the JDZ. This resulted in ERHC's signing of PSCs in 2006.
At that point, I felt my work in ERHC was done and prepared to step down from the ERHC's board to concentrate on my other businesses. Unfortunately, the things that happened to ERHC from May 2006 upset my plans in that regard. I remained on the board so that we could reassure the market of the Company's stability and prospects.
I have no doubt that ERHC will be vindicated. The genesis of ERHC's current holding in the Gulf of Guinea goes back a decade and is rooted in the foresight of investing in an undeveloped oil territory when no one else was prepared to take the risk. I am certain that an emerging understanding of this fact in the industry and among the media will eventually rest allusions to the contrary.
I remain committed to ERHC and my investment therein. However, Chrome Group, of which I am Chief Executive, is about to embark on a new phase of growth which demands my undivided attention in the next few years. This requires that I decline to continue as Chairman and director of ERHC. I am confident that I have taken ERHC to where it can stand on its own. "
About Chrome Group
Chrome Group is a leading multibillion dollar regional conglomerate based in Abuja, Nigeria with vast interests in oil and gas, insurance, destination inspection services, bio-fuels energy production, petroleum products trading, real estate, logistics and dredging services. Chrome Oil Services Limited, the pioneer company in the group has been doing business since the early 1990s and has handled key projects (as part of a consortium) like the turnaround maintenance (TAM)for the Port Harcourt refinery- Nigeria's largest refinery. In addition to its commercial business activities, the group engages in Corporate Social Responsibility (CSR) programmes through which it intervenes strategically in key areas of youth empowerment and promoting and sustaining a renewable and greener environment. The group employs over 800 staff worldwide. Chrome Group is also a non-racial and equal opportunity employer.
SOURCE Chrome Group
Agree
and...
The ERHC board accepted his resignation and has begun the process of identifying a successor.
But, please let their be a buyin.....
Pioneer Natural: Nigeria Exit Resulted From Corruption
IssueLast update: 8/7/2007 4:48:48 PMDOW JONES NEWSWIRES Pioneer Natural Resources Co. (PXD) disclosed Tuesday that legal concerns related to U.S. corruption laws caused it to begin exiting its operations in Nigeria last month.
The Irving, Texas, oil and natural gas exploration company said in a filing with the Securities and Exchange Commission that it couldn't continue its deepwater drilling operations in Nigeria "in a manner that is consistent with the U.S. Foreign Corrupt Practices Act."
Pioneer Natural said in a release last month that it was exiting its Nigeria operations, but didn't provide a reason why.
In its Tuesday SEC filing, the company said it was exiting its Nigerian operations on the advice of outside counsel, and "based on recently obtained information."
A Pioneer Natural representative wasn't immediately available to comment.
A majority-owned Pioneer Natural unit owns a 51% stake in a Nigerian deep water drilling area called Block 320. Pioneer Natural indirectly owns a 59% stake in the unit, with the remaining stake owned by an undisclosed third-party unaffiliated with Pioneer Natural, according to the SEC filing.
-Ed Welsch, Dow Jones Newswires; 202-862-1356; edward.welsch@dowjones.com (END) Dow Jones Newswires
day 280.
Geez, this share price rots.
part 2
The Petrobras executive also said the Total-operated (TOT) Akpo field off the Nigerian coast will start output in November or December of 2008. Petrobras has a 40% stake in Akpo, which is slated to produce 225,000 barrels of oil equivalent, or BOE, at peak output. Nigeria and the U.S. Gulf Coast currently are Petrobras' main overseas areas of expansion. By the time oil begins flowing from both Nigerian fields next year, "Petrobras will have invested around $2 billion in Nigeria," Passos Awad said. Petrobras has said it plans to more than double its international oil and gas output to 568,000 barrels of oil equivalent a day by 2011. -By Angel Gonzalez, Dow Jones Newswires; and Bernd Radowitz, Dow Jones Newswires; +5521-3288-5004; bernd.radowitz@dowjones.com (END) Dow Jones NewswiresMay 03, 2007 09:14 ET (13:14 GMT)
Brazil's Petrobras To Spend $500M In Nigeria In 2007
Last update: 5/3/2007 8:51:32 AMHOUSTON (Dow Jones)--Brazil's state-run oil firm Petroleo Brasileiro SA (PETR4.BR), or Petrobras, in 2007 will invest $500 million for the development of two fields in Nigeria in which it holds stakes, a company executive said Wednesday. "The two developments are really in the fast track ... In 2007, we're spending this money because of these two developments," Samir Passos Awad, Petrobras' international executive manager, said at the Offshore Technology Conference in Houston. Passos Awad said output at the Agbami field, in which Petrobras currently has a stake of 13%, is slated to start in March 2008. Chevron Corp. (CVX) is lead operator at Agbami, but the size of Petrobras' stake in the Nigerian field may be revised, Passos Awad said. Chevron has put the peak output at Agbami at 250,000 barrels a day. (MORE TO FOLLOW) Dow Jones NewswiresMay 03, 2007 08:51 ET (12:51 GMT)
"He does add that with a major Nigerian presence at the current Offshore Technology Conference in Houston, ERHC could have some positive exposure/publicity and/or networking."
FMC Technologies Gets Approval to Supply Additional Subsea Systems for the Agbami Project, Offshore Nigeria
5/1/2007 9:00:49 AM
HOUSTON, May 01, 2007 (BUSINESS WIRE) -- FMC Technologies, Inc. ( FTI ) announced today that it has received approval to supply an additional 11 subsea trees and associated structures and control systems for the Agbami Project, offshore Nigeria. The contract with Star Deep Water Petroleum Limited, an affiliate of Chevron Corporation ( CVX ), has a value of approximately $54 million in revenue to FMC Technologies.
The manufacture of these trees and systems is under an existing contract to supply subsea equipment awarded to FMC in 2005. Deliveries will be completed over a multi-year period and are scheduled to commence in the third quarter of 2008.
"We are pleased to receive the approval to supply these additional trees," said John Gremp, Executive Vice President, FMC Technologies. "Our experience with the Agbami Project combined with our growing local presence in Nigeria should contribute to the successful execution of this contract."
The Agbami Field covers approximately 45,000 acres across OMLs 127 and 128, in water depths of approximately 4,800 feet (1,500 meters). The field is approximately 70 miles (113 km) offshore Nigeria, in the central Niger Delta Area. The Agbami Field is operated by Star Deep Water Petroleum Limited on behalf of its partners, NNPC, Famfa Oil Limited, Statoil Nigeria Limited, Petroleo Brasileiro Nigeria Limited and Texaco Nigeria Outer Shelf Inc. (a Chevron affiliate).
FMC Technologies, Inc. ( FTI ) is a leading global provider of technology solutions for the energy industry and other industrial markets. The Company designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. The Company also produces food processing equipment for the food industry and specialized equipment to service the aviation industry. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 11,000 people and operates 33 manufacturing facilities in 19 countries.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
SOURCE: FMC Technologies, Inc.
FMC Technologies, Inc., Houston
Investors:
Maryann Seaman, 281-591-4080
or
Media:
Bruce Bullock, 281-591-4429
Copyright Business Wire 2007
The deadline to register bids is May 2. The Nigerian National Petroleum Corporation will publish qualified bidders on May 7.
"It is our objective to conclude the 2007 bid round by the middle of May 2007," Daukoru said. "This puts the process on very fast track, compressing the registration and pre-qualification period to just one month."
See Magicatlast's post below.
Maybe they are partnering with Addax? Let me say again, that MM HILL has never been active on the line up before, and has been buying every share for the past 10 days or so. Since HILL has an office in Canada, makes me wonder.
Anyone watching Level 2 has noticed that HILL has been buying for a while. HILL has an office in Canada.
Seems like we are due for another company update.
The charts are looking interesting, especially the B.Bands which are at .337 and .354. Last year we were sitting at .93.
GLTA
SNP put out their annual numbers yesterday. I was wondering if they had a cc and mentioned JDZ area and therefore the increase in erhe's volume. Other than a PR from SNP I don't see any other info. Just a thought. I don't know, but I liked the 4 times the 10 day average volume yeterday.
OT
Does this work for Yahoo too? Ever since they messed up the formatting my read messages are not highlighted. Same with others?
TIA
Great. Thanks again.
Ok, that's what i thought, but wasn't sure if it was just a rumor. Seems like they have a ship lined up too. Correct?
Sorry, i haven't been following much lately.
Thanks again.
Anadarko saying they will drill in block 3 in 3Q...
Will someone please help jog my memory. Where did this info come from?
TIA
In reply to: None Date:1/9/2007 11:16:09 AM
Post #of 88677
Transocean Inc. Announces Contract for Semisubmersible Rig Transocean Richardson
1/9/2007 11:11:26 AM
HOUSTON, Jan 09, 2007 (BUSINESS WIRE) -- Transocean Inc. ( RIG ) today announced that a subsidiary of Chevron Corporation ( CVX ) has awarded the company's semisubmersible rig, the Transocean Richardson, a three-year contract for exploration and appraisal drilling offshore in global Chevron operating areas which may include Southern Africa. The three-year contract is expected to commence in July 2007, following the completion of an existing contract commitment offshore Angola. Revenues of approximately $493 million are possible over the three-year contract, excluding a performance bonus opportunity of up to 10% of the contractual operating dayrate.
The Transocean Richardson is one of 33 High-Specification Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation floaters. The rig, which entered service in 1988, is capable of operating in water depths of up to 5,000 feet.
Thank you Mark.
Transocean Inc. Announces Contract for Semisubmersible Rig Transocean Richardson
1/9/2007 11:11:26 AM
HOUSTON, Jan 09, 2007 (BUSINESS WIRE) -- Transocean Inc. ( RIG ) today announced that a subsidiary of Chevron Corporation ( CVX ) has awarded the company's semisubmersible rig, the Transocean Richardson, a three-year contract for exploration and appraisal drilling offshore in global Chevron operating areas which may include Southern Africa. The three-year contract is expected to commence in July 2007, following the completion of an existing contract commitment offshore Angola. Revenues of approximately $493 million are possible over the three-year contract, excluding a performance bonus opportunity of up to 10% of the contractual operating dayrate.
The Transocean Richardson is one of 33 High-Specification Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation floaters. The rig, which entered service in 1988, is capable of operating in water depths of up to 5,000 feet.
Statements regarding contract durations, contract commencement dates and revenues, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 33 High-Specification Floaters (semisubmersibles and drillships), 20 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $21 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
SOURCE: Transocean Inc.
Transocean Inc., Houston
Analyst Contact: Jeffrey L. Chastain, 713-232-7551
or
Media Contact: Guy A. Cantwell, 713-232-7647
Thanks Mark.
Today's my birthday and I appreciate you putting my gift $$ into your phone call.....
Seriously, thanks and good work!