jb,
We have to look at the situation first. This is a one-off incident, something that hasn't ever occured before. What people don't understand is that this industry has strict standards set in place so that things of this nature do not occur. The irony of it is that these two companies are well known for their strict safety standards and in fact set the standard in the industry by spending billions on training and equipment to make sure the job is done right and without incident to people or the environment. So, what impact has it had thus far? It has made companies go from double checking to triple checking everything. Like I said before, the safety standard has always been there, now this has only reinforced it! We had an auditor come out and do a check of our equipment from our client, he couldn't find anything because we are already doing it the way it should be done. I personally don't see why people have blamed MMS! They have very strict standards to abide by! I know that to be a fact because I've seen the inspection myself, everything has to be right, if it isn't, you have a short time to fix it or your out of business. As for Vantage, they are working their rigs in areas outside of the US but that doesn't mean that they will let their guard down. Every company has to have a high set of operating standards and they will also have to comply with their clients standards as well. When you put the two together, it's like having a double barrier of protection. If they don't have it, they won't get work, period! I don't expect there to be many changes made to how they are operating now, as the standards are already over the roof!! Personally, I believe the oil companies are waiting for the well to be shut in and that BOP stack to come to surface. When that happens, then the truth can be known and then there may be some changes made to ensure that whatever happened, doesn't happen again!
I would agree with your assessment of VTG, it has been holding well and if you look back and compare to previous, it shows the same thing. It was only slightly effected by the drop in oil price previously. I personally believe that the PPS is showing a true reflection of what the sentiment is of the shareholders, that they are confident in their investment. I was buying up from 1.40 to 1.70, expecting us to set a new high since the crash, then this Euro stuff and the incident happened all in this time frame. Still looking to load up once it levels out, there's only one way for this to go and that is up every single time another one of those rigs pull out of the shipyard and start generating revenue. And that will be taking place very soon, as the Platinum Explorer is close to completion and they are already crewing up the Sea Dragon I!! I know that bit of information because two of our guys are going to work on that rig!! The Platinum will be going to work for ONGC and they have alot of work going on here in India! The SeaDragon will be working for PEMEX, the mexican oil company. One way of looking at this is to compare it to airlines. One plane crashes, they do their best to find the problem and then take action to ensure that the same thing doesn't happen again. But all the while, planes are still flying and people are still traveling, maybe not the same airline, but traveling all the same! Until a better alternative to oil is commercially viable, crude is what makes the world run!! And Vantage is poised to take advantage of it!! Oh, 1.30 to 1.31 seems to be a good support, I'll be grabbing some their if it gets that far!! If it goes any further, that will be a bonus! All IMHO of course!!! GLTY
Sabong
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