TopShelf,
I respectfully disagree. Everyone seems to have ants in their pants with what is going on in our country (rightfully so). Many also have become professional armchair Rig Crew negotiators.
Reality check. The negotiations on the ROO have likely been going on for months and months. Addax would not have mentioned anything about it during their conference call unless it was locked except for minor details. You don't think they learned anything from the last two rigs getting taken out from underneath them.....please.
Now, let’s talk about the crew. First, I do NOT know anyone on a drilling rig BUT I do know someone who works on a "rig" for international shipping. For their skill set and education, these people get paid very handsomely (somewhere in the neighborhood of 10X what they would make locally if not more). If someone goes into this line of work, they know the world is their stage. It is a chosen profession and paid accordingly. Think of it like the military. You sign up for a time frame and have relatively no control or choice on where the rig goes. Yes, if you perceive it to be a life and death situation, you can always quit (unlike the military) but generally, these people welcome the opportunity to make more money in a short period of time. They can and do relocate their families if they want (for those that have them). Also keep in mind, just because the ROO is in the GOM now, does not mean the crew is necessarily from the US. For all we know, 3/4ths of them are from Nigeria, lol.
Now, about the time frame. Just because Addax didn't come out 36 hours after the hurricane and announce a signed deal, doesn't mean they won't get it or that the rig is just sitting around doing nothing where ever it is. These rigs deals are done well in advance and regardless of a 2 day or 2 week delay in the announcement, the ROO is probably still working its current job for several more months. They are not in as big of a hurry as WE want them to be in our own minds.
My last comment here does come from experience. If you want to loose money quickly in the stock market......invest emotionally.
Luckily, I hope I have learned from my past mistakes and what I continue to see others do. I work for a high net worth wealth management firm. It is in times like these that we see a large amount of "wealth" being transferred from the amateurs to Warren Buffetts of the world. Watch and learn.
