Zacks: Worst still to come for offshore drillers

first_img[mappress]Source: Zacks, August 25, 2014: Image source: Diamond Offshore The latest spate of fleet status reports – with news of low dayrates and contract terminations – provide further evidence that being an offshore driller is just not fun right now, Zacks Equity Research writes in its blog.Year-to-date, shares of major companies have significantly underperformed the broader market. In particular, stocks of Transocean Ltd.  and Diamond Offshore Drilling Inc. are down approximately 21% and 22%, respectively, while the broad-based S&P 500 index has gained 9% over the same period.What’s more, according to some analysts, the worst is still to come for these drillers.The most pressing concern for the group, at least in the short-term, will be oversupply in the rig market. With large, multinational energy firms looking to reign in their skyrocketing capital expenses, the offshore drilling space is likely to see intense competition, as multiple firms chase a single contract.This excess capacity, in turn, could lead to lower utilization or dayrates.Secondly, the offshore contract drilling industry is perceived to be a highly cyclical one and the current thought is that rates had already peaked for this cycle back in late 2013. As the sector looks set to enter a cyclical downturn, drillers will prefer to hold on to their higher technology specification rigs, thereby significantly denting the company’s fleet utilization and profitability.Last but not least, while most of the drillers boast of billion dollar revenue backlogs, they are struggling with idled rigs – or the ones without contracts – in a slack market. On an average, just about two-thirds of available deepwater rigs for 2015 have been able to find customers. Even for this year, a number of drilling rigs remain uncontracted.Worryingly, investors do not see an immediate rebound in the sentiment and expect more punishing times ahead. In particular, companies with Zacks Rank #4 (Sell) or Zacks Rank #5 (Strong Sell) like Parker Drilling Co. , Vantage Drilling Co. and Noble Corp. look to be in most trouble. These drillers have negative returns year to date and has been witnessing downward earnings consensus estimate revisions for the current quarter and year.last_img read more

AEP makes barge business sale

first_imgHLPFI reported on March 24, 2015 that AEP had engaged Morgan Stanley to explore strategic alternatives for its inland barge subsidiary, which is headquartered in Chesterfield, Missouri, and owns around 2,301 barges, as well as 56 tugs. AEP acquired the barge transportation business, formerly known as MEMCO, from Progress Energy in 2001.  Upon close of the sale – which the company says is expected in the fourth quarter of 2015 – ACL will acquire AEP River Operations by purchasing all the stock of AEP Resources, the parent company of the barge business. ACL will then assume all assets and liabilities of AEP River Operations.AEP will retain ownership of its captive barge fleet that delivers coal to the company’s regulated coal-fuelled power plants owned by Appalachian Power, Kentucky Power and Indiana Michigan Power. No decision has been made about the future of that business, confirmed the company. www.aep.comwww.aepriverops.comlast_img read more

Manchester firms rebel against weekend courts

first_imgManchester law firms are refusing to ask staff to attend magistrates’ courts at weekends because they say to do so would require a unilateral change to contracts of employment and invite claims of unfair dismissal. The firms say that some staff could claim constructive dismissal on the grounds of religion and belief discrimination if forced to work on Saturdays and Sundays. Such a move would also have a disproportionate impact on women, who often have caring responsibilities at weekends, the firms say. The government last month announced plans to pilot magistrates’ court sittings at weekends. Law Society president Lucy Scott-Moncrieff wrote to the justice secretary to protest that the plans had been introduced without consultation and that he could expect few volunteers because no extra payments were being offered. Allan Maidment of Manchester firm Maidments Solicitors said: ‘Every criminal defence practice in Greater Manchester is of the same view: the government cannot expect us to impose seven-days-a-week terms on staff who signed contracts to work a five-day week.’ Describing the proposals as ‘madness’, Maidment added that there was no proven business case for magistrates’ courts sitting at weekends. ‘There will simply be an additional cost to the public purse of overtime payments to court officials and crown prosecutors. Meanwhile, solicitors are expected to work for nothing.’ Gordon Turner of London firm Gordon Turner Employment Lawyers, who is advising the Manchester firms, said that it is possible to dismiss an employee where they unreasonably refuse to sign up to a change in terms. But he added: ‘This is not a step that most law firms could reasonably consider. ‘They need employees and would face problems recruiting new ones. It would also be very disruptive to business to lay off good solicitors due to conditions imposed by third parties, in this instance the government.’last_img read more

NBA finale: What’s at stake for winners, losers

first_img[av_textblock size=” font_color=” color=”] [av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”][av_heading heading=’NBA finale: What’s at stake for winners, losers’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading][av_textblock size=” font_color=’custom’ color=”]Thursday, April 13, 2017[/av_textblock][av_image src=’’ attachment=’103149′ attachment_size=’full’ align=’center’ styling=” hover=” link=” target=” caption=’yes’ font_size=” appearance=’on-hover’ overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’]Los Angeles Clippers guard Chris Paul (left) goes to the hoop in front of Sacramento Kings guard Garrett Temple during their game in Los Angeles. AP[/av_image] NEW YORK – For some teams, it’s win and they’re in.For others, winning is the worst thing they can do Wednesday (Thursday in Manila).The last night of the NBA regular season isn’t just about playoff spots. It’s also about lottery seeds, the final chance to lock up the best odds possible for landing a high pick in what’s considered a deep draft.The Boston Celtics, with a victory over Milwaukee, will clinch the No. 1 seed in the Eastern Conference, but they’ve already got the top spot for next month’s lottery. The Brooklyn Nets will finish with the league’s worst record, and their 25 percent chance of winning the lottery goes to Boston as part of the ongoing payment of the Paul Pierce-Kevin Garnett trade three years ago.But other teams have been doing their best — or worst, rather — to fall down the standings with curious lineups and questionable strategies. Commissioner Adam Silver has noticed the tanking going on and said last week it’s a serious issue for the league.“Sometimes there are opportunities to give other players on the roster additional minutes,” he said. “But there’s no question there’s also a certain amount of jockeying that’s going on there as teams look to go into the draft.”One of them is Phoenix (24-58), which wrapped up the second-worst record in the league Tuesday having already shut down starters Eric Bledsoe and Tyson Chandler a while ago. Charlotte is also finished, but the other 28 teams will be in action one more time.And with respect to the Indiana Pacers and Chicago Bulls, who would clinch the final two playoff spots with victories, in some other games there might be more at stake for the team that loses.A look at some games that matter:ATLANTA AT INDIANA, BROOKLYN AT CHICAGOThe Pacers and Bulls are playoff-bound with victories and they should get some help from their opponents. The Hawks have nothing to play for after being locked into the No. 5 seed when they beat Charlotte on Tuesday (Wednesday in Manila), and the Nets have already announced they’ll rest Brook Lopez and Jeremy Lin along with some injured players.Miami is still alive and needs a victory over Washington along with help.TORONTO AT CLEVELANDThe Raptors are locked into the third seed, while the Cavaliers can still be No. 1 with a victory and a Boston loss.If that happened, Toronto could avoid the champs until the conference finals. Beat them Wednesday (Thursday in Manila), and the Raptors are guaranteed to see them one round sooner.PHILADELPHIA AT NEW YORKOne of the only things Phil Jackson has gotten right while running the Knicks is drafting Kristaps Porzingis at No. 4 two years ago. New York has its first-round pick for the first time since then and currently has the sixth-worst record, but a victory and the Knicks risk drafting around No. 10 if they were to fall backward the maximum three spots in the lottery.The 76ers are tied with Orlando for the fourth-worst record.DETROIT AT ORLANDONobody celebrates their lottery luck like the Magic, who have pingpong balls in their trophy case in recognition of wins in 1992, ’93 and 2004. But it’s easier to be lucky from No. 4 than No. 5, so another loss couldn’t hurt. Orlando looks capable of one after losing by a franchise-record 47 points to Chicago on Monday (Tuesday in Manila).SAN ANTONIO AT UTAH, SACRAMENTO AT THE LOS ANGELES CLIPPERSA Clippers win or a Jazz loss and their first-round series starts in Los Angeles. Utah needs to win and have the Clippers lose to seize the No. 4 seed. (AP)center_img [/av_textblock][/av_one_full]last_img read more

Pellegrini Appointed Real Betis Manager

first_imgPellegrini won the 2013-14 Premier League title and two EFL Cups during his three years at Manchester City.“Real Betis have appointed a coach of a high level and big international prestige to elevate the performance of the first team in a three-year project,” said a statement on the Seville club’s website.He will succeed Rubi, who was dismissed on 21 Juneafter a defeat by Athletic Bilbao.Sports Director Alexis Trujillo will be in charge for the rest of this season.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram La Liga side Real Betis have appointed former West Ham and Manchester City boss Manuel Pellegrini as their manager for next season.Pellegrini, who has also managed Real Madrid, Villareal and Malaga in the Spanish top flight, was sacked by the Hammersin December.The 66-year-old Chilean’s deal with Betis runs until June 2023.last_img read more

Loosen Up: NFL to allow some flair in celebrations

first_imgCHICAGO (AP) — The NFL wants to put some flair back into touchdown celebrations, allowing players to use the football as a prop, celebrate as a group and roll around on the ground again if they choose.In an email from Commissioner Roger Goodell sent to fans in an effort to deliver “a more exciting game experience,” the commissioner said the new guidelines came after conversations with more than 80 current and former players.The league, however, will continue to penalize any celebration deemed offensive, including those that embarrass opponents or mimic the use of weapons.“Players have told us they want more freedom to be able to express themselves,” Goodell wrote.That freedom had been stripped in many cases, with fans and media criticizing the NFL as being the “No Fun League.” A 15-yard penalty often was the price paid for excessiveness.Goodell’s email also mentioned how the league is placing an emphasis on speeding up the pace of games. To go with that, he said the league knows “that you love the spontaneous displays of emotion that come after a spectacular touchdown.”___For more NFL coverage: and Pittsburgh Steelers wide receiver Antonio Brown (84) leaps on the goal post after scoring a touchdown during the second half of an NFL football game against the Indianapolis Colts, Sunday, Dec. 6, 2015, in Pittsburgh. The Steelers won 45-10. (AP Photo/Don Wright)last_img read more


first_img…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

Scary shire gun culture

first_imgBy ANEEKA SIMONIS GUN-RELATED charges in Cardinia Shire have shot up by almost double in the past year. In 2014-’15,…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img