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RIG stock
Posted on 7/31/23 at 8:14 am
Posted on 7/31/23 at 8:14 am
Notice that the BV/share is ~$14 yet the stock trades at ~$8. Anyone have any thoughts on this company? I know there’s a good amount of drilling happening right now in the Green Canyon and Mississippi Canyon areas of the gulf. What are RIG’s prospects of getting out of this multi year slump?
2
Posted on 7/31/23 at 8:45 am to StreamsOfWhiskey
I used to work there, and bought over 5,000 shares since I left.
When I was there during the bloodbath from 2015 to 2020, the company focused on revamping HSE and operational efficiency standards. Changes were so fast pace that for several years I felt like I returned to a new company each time I went offshore. They scrapped rigs and preserved some rigs which still have a working life left. I have reservations that they will ever work again as you cannot just press a button to start up equipment which has not operated in years.
They built a new fleet for Chevron and Shell.
They have long term contracts with both Shell and Chevron. Chevron was the client on our rig and they were very happy with us overall.
It is a company which will thrive and stand out among the rest whenever oil companies want to focus on drilling and development. It is terrible to have stock when the oilfield dries up, so timing is everything.
I see this stock rising for the next five years.
When I was there during the bloodbath from 2015 to 2020, the company focused on revamping HSE and operational efficiency standards. Changes were so fast pace that for several years I felt like I returned to a new company each time I went offshore. They scrapped rigs and preserved some rigs which still have a working life left. I have reservations that they will ever work again as you cannot just press a button to start up equipment which has not operated in years.
They built a new fleet for Chevron and Shell.
They have long term contracts with both Shell and Chevron. Chevron was the client on our rig and they were very happy with us overall.
It is a company which will thrive and stand out among the rest whenever oil companies want to focus on drilling and development. It is terrible to have stock when the oilfield dries up, so timing is everything.
I see this stock rising for the next five years.
Posted on 7/31/23 at 6:06 pm to StreamsOfWhiskey
I have this stock. Picked it up at 2.00 a share. It is very volatile to oil. If oil drops this stock will tank. I think at this price point you have more to lose than gain.
Posted on 7/31/23 at 6:33 pm to GeauxZone90
I’m prepared to lose it all on this stock…all $436! I picked up 50 shares but I’m not willing to risk any more capital than that on this stock.
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