Gulf Marine Services Share Discussion Threads

[dexdringle] 18/1/2023 12:19

How on earth can a company with 25p per share of net assets, and earnings of 5p a share, have a share price of only 4p ?

[trident5] 13/1/2023 15:21

Have the current management team demonstrated any improvement on their predecessors?

[baddeal] 13/1/2023 11:43

Clearly the cfo missed the lecture on the credit insurance market...

[fredfishcake] 13/1/2023 08:34

...and now one of their customers goes bust owing them 4 million Euros. Not ideal.

[dondee] 11/1/2023 09:05

Hmmm.I was thinking of buying but not now.

[loglorry1] 10/1/2023 07:48

Trading update. 2022 inline and 2023 up a bit due to better utilization and higher rig rates.

[trident5] 03/1/2023 14:13

Yep - they borrowed very heavily to build a modern fleet.

When the price of oil collapses it puts weak competitors out of business, their assets get fire sale prices enabling the buyers to compete at very low day rates and suddenly it's no longer viable for operators with expensive modern vessels and lots of debt.

[dexdringle] 03/1/2023 13:40

Okay. The market cap was £500m and is now just £50m. Despite, presumably, extra monies being injected with subsequent fresh share issues in the meantime.

Was the whole 2013 flotation business model really so susceptible to the short term price of oil ?

[trident5] 03/1/2023 13:13

Lot mores shares in issue since then.

[dexdringle] 03/1/2023 12:45

...but the share price is now just 1/30th of what it was. Surely that doesn't in any way correlate to the price of oil over the same period ?

[trident5] 03/1/2023 09:55

Well I hope they operate their vessels with a degree of accuracy a magnitude better than demonstrated here. And hire capable people.

[catsick] 03/1/2023 09:40

Its no big deal, they potentially raise some cash at 25% above current market, they did this in exchange for a substantial reduction in interest rates which they are already enjoying and not having to do a huge placing that would be below market and decimate the share price, this is going to be a big big winner in 2033

[loglorry1] 03/1/2023 08:09

Overall pretty benign amount of dilution in the scheme of things.

[owenski] 03/1/2023 08:03

Another 10% dilution coming at some point then.

[jimbox1] 14/12/2022 16:35

csmwssk12hu, please explain how shareholders would lose $10m.
If the warrants are exercised, the warrant holders have to subscribe for shares at the exercise price (GBP0.0711), which would result in an £8m cash injection into the company.

[csmwssk12hu] 14/12/2022 12:09

If you look back to last time in June 21 they had a big unexplained drop a few days before the 3p placing which halved the sp

[csmwssk12hu] 14/12/2022 12:08

The new shares are just a punishment, they have to issue $10m of shares if they can’t raise $50m, it doesn’t pay any debt off, shareholders just lose $10m so what happens if they keep failing to raise the $50m to pay them off, more worryingly they needed to get someone in to work that out for them . Be very wary they may bite the bullet shock us and raise $50m at below half the so like they did last time.

[blusteradjuster] 14/12/2022 07:43

In that work, NIF’s laser fusion energy output — measured in megajoules, MJ — jumped by 2,500%, a sign of a significant physics breakthrough on the crucial problem of thermonuclear burn. This week’s announcement is an increase in fusion energy output, relative to laser energy input, from 70% in 2021 to 154% in 2022. This incremental, possibly incidental, progress toward thermonuclear burn is not a breakthrough.

The facility has, at last, achieved slightly more fusion output than laser input: ignition. On paper that is a major symbolic victory. In practice, it’s of little consequence. Here’s why.

The laser energy delivered to the target was 2.05 MJ, and the fusion output was likely about 3.15 MJ. According to multiple sources on NIF’s website, the input energy to the laser system is somewhere between 384 and 400 MJ. Consuming 400 MJ and producing 3.15 MJ is a net energy loss greater than 99%. For every single unit of fusion energy it produces, NIF burns at minimum 130 units of energy.

[catsick] 14/12/2022 07:21

10% max dilution at a 40% premium to current prices , that's bearable, better than selling new shares at current prices....

[blusteradjuster] 13/12/2022 23:02

In about 20 years time, that might be true.

[trident5] 13/12/2022 21:46

Cracking nuclear fusion - no need for oil and wind power. It's all over.

[gen_romer] 13/12/2022 21:31

So what happened today?

[trident5] 09/12/2022 13:03

Hmm, but there trading update back in January said that their day rates for 2022 were 10% up on 2021.

Looks like the market is still a hard place. Not much evidence so far that the new management team are delivering any more than those they ousted.