Revenue 48,77 MUS(+950%)
EBIT 22,61 MUSD (-6,46 MUSD)
EPS $0.28($-0.15)
Total assets $1024 million (+18%)
Total Liabilities $590 million (-8%)
Average day rate for 1st quarter of $188,700
Average daily rig operating cost of $59,100
SCORE on current Outlook
"In spite of the recent fall in oil prices, most international markets remain active. Continued lower commodity prices may have an impact on both rig utilization and dayrates, although historically this effect lags by 3 to 6 months. Scorpion, with limited contract rollover risk in 2009 and operating in the ultra premium segment of the jack-up market should be well insulated in the event commodity prices continue to weaken."
Scorpions share price has plummeted 75 percentage from its high of 80 NOK to 12 NOK on friday. The board of SCORE recommended its shaholders to accept the 80 NOK offer by Fortune Super Equity Management in february. After the failure of that bid Seadrill made its own with same amount, which the board didn't support as it believed Fortune Super Equity Management would improve it's offer. Hower as the man behind FSEM Sheikh Al-Nasser was killed in a helicopter crash it is highly unlikely that there will be a new offer.
The board and management hold ~20% of SCORE's outstanding shares and FSEM had communicated that it intented to retain SCORE's current management. If Seadrill were to gain control of the company both the management & board would probably be booted out. It seems that FSEM offer didn't treat all sharehold equally.
In spite of the boards and management's resistance it's likely that Seadrill will eventually swallow SCORE as it's 36% holding will deter other possible buyers. The future bid will most definitely be higher than SCORE's share price on friday
No comments:
Post a Comment