Kassavirta operaatioista $208.4 miljoonaa (+25%)
Liikevoitto 145.9 miljoonaa (-27%)
LV-marginaali 29%
Nettotulos $124.1 miljoonaa (-34%)
Nettomarginaali 24.7%
EPS $0.70 (-34%)
P/E(ttm) 6.3, jatkuvien toimintojen 6.8
Tase
Varat
Likvidit $1,656.7 miljoonaa
Kaikki $6,706.3 miljoonaa
Velat
Lyhytaikaiset $511.8 miljoonaa
Kaikki $2,005.8 miljoonaa
Omapääoma $4,700.5 miljoonaa
P/B 0.95
Näkymistä:
Deepwater
"Although recent crude oil prices have improved close to 90% since declining below $35 per barrel in February 2009, many customers remain cautious in securing additional near-term rig time in deepwater exploration and production drilling. The higher average crude oil price experienced during the second quarter of 2009, if sustained, is expected to benefit deepwater activity over the next 12 to 24 months. Customer inquiries and formal tenders for deepwater rig requirements have trended higher during the second quarter of 2009, relative to levels seen during late 2008. The large majority of inquiries and tenders address deepwater exploration and field development projects with commencement dates in 2010 to 2012. These projects are globally diverse, including expected rig requirements in Mexico, Brazil, India, Angola and Australia, with average contract durations expected to range from two to five years. These incremental deepwater rig needs, along with the continued execution of projects in progress, are expected to keep the industry's deepwater fleet at or near full utilization for the immediate future, with dayrates for units capable of operating in greater than 7,000 feet of water displaying resilience to short-term oil price fluctuations. At June 30, 2009 the company had 91% of the available rig days in its deepwater segment under contract in the final two quarters of 2009, 89% in 2010 and 81% in 2011."
Midwater
"Near-term contract opportunities remain limited for midwater units around the world, resulting in a growing number of idle rigs, which totaled eight at June 30, 2009, up from four at December 31, 2008. The pervasive economic uncertainty, which has caused a number of customers to postpone drilling programs, is expected to result in an increased number of idle midwater units over the course of 2009, while the subleasing of rig time by customers remains active. The company's semisubmersible rig Pride South Seas is expected to complete a drilling program offshore South Africa in September. The increasing idle time and active subleasing market are expected to lead to a more challenging dayrate environment through 2009 and into 2010. The company has 68% of the available rig days contracted in the last two quarters of 2009, 67% in 2010 and 63% in 2011."
Jackupit:
"Idle capacity among independent leg jackup rigs operating internationally continues to build, with worldwide fleet utilization declining to approximately 82% at June 30, 2009, down from 93% at December 31, 2008. Dayrates for standard jackup rigs continue to decline as customers, especially in the Middle East, Asia and West Africa, reassess rig needs over the near- to intermediate-term. At the same time, jackup rig supply continues to build as new units complete construction, most without contracts. A total of 12 jackups were added to industry supply over the first six months of 2009, with another 17 units expected during the second half of the year. An estimated 11 units that have completed construction are presently idle in various yards in the Far East. Improving crude oil prices, if sustained, are expected to encourage incremental customer demand in 2010, but an imbalance between jackup rig supply and demand is expected to persist for the immediate future, resulting in lower average dayrates, relative to the dayrates achieved over the past 24 months. The company's jackup rig Pride Wisconsin is expected to conclude its current drilling assignment offshore Mexico in late-August."
Matto j-u:t
"Incremental jackup rig requirements in Mexico are expected as Petroleos Mexicanos (PEMEX) evaluates new field exploration and production projects. Many of these potential projects are expected to require jackup rigs with advanced capabilities, such as water depth ratings of 250 feet and greater."
Tiedote
CEO Raspinon haastattelu CNBC:ltä(linkki Investorvillagesta)
Ei ole kallis, mutta ei halpakaan. Edullinen?
Täytyy sanoa että johdolla on kyllä munaa, kun aikovat vieläkin viedä läpi matto-j-u-spinnoffin. PDE:n 15 GOMin M-J-T:a on tällä hetkellä työttömänä ja yhtiö itse sanoo että markkinoilla löytyy kiinnostusta lähinnä korkeampien specien jackupeille. Spinoffille (Seahawk Drilling tjs.) ei voi siirtää juuri lainkaan velkaa, koska yhtiöllä ei ole kassavirtaa ja velkojat eivät siihen suostu. Käytännössä PDE perustaa uuden listatun yhtiön, jolle se siirtää romurautaa ja rahaa ja koska kyseessä itsenäinen yhtiö pitää sen tj:n palkkaa nostaa. Missä vaiheessa tätä silmänkääntötemppua syntyy se arvo?
Niin ja osarin yhteydessä putkahti tämmöinen super ultra bonus:
"Included in the report is a revised drilling schedule for the deepwater semisubmersible Pride South Pacific. In mid-June 2009, the rig commenced the previously announced two-well, estimated 90-day program offshore West Africa at a dayrate of $650,000. The program is now expected to end in August. The customer has committed to additional work, in direct continuation of the current well in progress, at a dayrate of $320,000 which is expected to end in the third quarter."
Jos ymmärrän oikein niin tämä alkuperäinen 90 päivän diili kesäkuun puolesta välistä-syyskuun puoleen väliin 650 000 dollarin taksalla onkin nyt n.60 päivää $650k taksalla ja 30 päivää $320 000-taksalla.
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