From my point of view there are good reasons for the recent price and performance to be so low. Dropped revenue, increased overheads, increased loans and bank repayments, no new work, poor publicity, failure to complete and deliver projects, lost court cases, more court cases coming and fines imposed...... That and they have not been in the black since 2015, QOQ and YOY increased losses, reduction in value of assets, the list goes on and there doesn't seem to be anything in there that has a positive spin on it.
So other than shear volume of shares been bought at a ridiculously low price what is going to push the price up to nearly double what it is standing at at the moment?
Price has been surpressed down but well supported at 0.125 for the past few days and buying volume much increased today, I placed my bet on scomi-wb at 0.065. Will be adding more tomorrow as long below 0.075.
Oil and gas is hot. No doubt at all. At the end, what is the size of Scomi and Scomies order book. What is their replenishment rate ? Anything to shout at going forward ? Unless a major contract win and I mean major. At the current state of things, is worrisome.
Ophir oilfield has been unable to restore production The field was shut in on 8 January to address facilities constraints identified during commissioning, a power fault prevented a production restart. Nitrogen lifting operations began in late March on the first well Ophir A-1 to restore production, the nitrogen operations were unsuccessful in restarting production. JV owners are discussing the next steps for the field with Petronas.
Long story short.... There is no oil revenue coming in from Ophir. This will seriously impact Q4 results as everything was hanging on to Ophir revenue
If what is said about Ophir having halted production since Jan and reported that more gas is extracted than crude, come the next qtr result in May is going to be a very painful one. Why selling treasury shares ? Cash flow issue ?
I would agree with cash flow issues or poss redundancy packages for Scomi EN clear-out?? but the treasury share sales are of such a small amount??? only 60K (USD) for the last four sales..... if that is cash flow issues then there are serious problems - Are they meeting payroll this month???
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JaJa7777
90 posts
Posted by JaJa7777 > 2018-03-15 12:49 | Report Abuse
Ongjimmy - What is your reasoning??
From my point of view there are good reasons for the recent price and performance to be so low.
Dropped revenue, increased overheads, increased loans and bank repayments, no new work, poor publicity, failure to complete and deliver projects, lost court cases, more court cases coming and fines imposed...... That and they have not been in the black since 2015, QOQ and YOY increased losses, reduction in value of assets, the list goes on and there doesn't seem to be anything in there that has a positive spin on it.
So other than shear volume of shares been bought at a ridiculously low price what is going to push the price up to nearly double what it is standing at at the moment?