A Hercules Offshore jackup under tow. Photo: Offshore Towing Inc.
Dan Dicker, Energy contributor at TheStreet.com, talks with Jim Cramer about the recent downgrade of Hercules Offshore to bankruptcy by Deutsche Bank. With only a few of its rigs currently in service and several destined to finish contracts soon, the cash flow at HERO looks dire. But who is likely to be the next victim of depressed oil prices?
No other offshore driller is quite as specialized in the very competitive shallow water subsector or as leveraged as HERO, but several others will still face tremendous continuing difficulties going forward. One stock in particularly that Dicker thinks hasn’t stopped going down is Ensco. Although it is well financed, it has contracted to build 6 new rigs while 19 of its currently employed rigs will come offline in 2015.
Dan Dicker holds a position in Seadrill.
Via The Street
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Major General Mikhail Gudkov, deputy head of the Russian Navy who was praised and promoted by President Vladimir Putin, has been killed in action, depriving Moscow of one of its most senior officers, the Russian military said on Thursday.
Copenhagen-based offshore wind installation specialist Cadeler A/S (NYSE: CDLR / OSE: CADLR) announced today that Ørsted A/S has terminated their long-term agreement for a newbuild A-Class wind turbine installation vessel....
In one of the UK’s largest drug seizures of the past decade, UK Border Force officers have seized cocaine with an estimated street value of £96 million (USD 130 million)...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
