Posted by: zmanbackup | April 24, 2013

Back up post for Wednesday

We are experiencing a site outage on the main site.  We hope to have this resolved soon.



  1. OII (oh eye eye) call about to begin

  2. More EIA


    Gasoline – finally rising, at 8.75 mm bpd, nice uptick, need to see this slowly move on up from here

    Distillates – ticking slightly lower – need to see that start to move up as well, exports all that helpful at the moment.

    Oil over $90 – so far not paying much attention to the non-headline parts of the weekly report

    OII Notes in a bit,, call starting now

  3. PVA closed its $775mil private placement of those senior notes. 8.50%

  4. OII Notes

    Why are we not raising our EPS guidance more?
    1) some work pulled forward
    2) our guidance contains a significant amount of unbooked work

    Experiencing a growing trend of vessel based support work

    No change in growth on the ROV growth side

    Subsea products – margins expanding as initial capital to grow the business is now spread over a larger reserve base.

  5. Charles Schwab appears to be down again after being up this morning.

  6. OII Notes

    – he’s basically reading the press release on why EPS did go up and what’s strong with the segments.

    Back with notes on the Q&A …

  7. One of our portfolio companies is getting calls for service from a dry gas producer in Westmoreland and Somerset counties this week. This is the first time in a number of years that dry gas producers have done business with us, which means new NG capacity is likely to come online in the next several months.

  8. Thanks – Marcellus will be the first area to come back on the dry gas side. The big three all called any significant uptick in activity (that could move the needle on production) a 2014 event. Too many higher return projects in liquids rich land to go back hard in a place like the Haynesville.

  9. OII Notes

    No pricing leverage seen on the umbilical side, still too much global excess capacity.

    ROV margins – margins don’t really care for drill support vs drill support. Goal is to maintain margin, “lofty goal” to maintain as high as 30% operating margins

  10. test

  11. test

  12. We seem to be back on line at the main site

  13. Thanks Ram – the main site is back up, we’re moving back over there

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