Agree that corporate governance is a concern but after all the drama and shake up, management team and board is at a much more stable state. Management is also forced to allocate excess cash/ capital to deleveraging.
My main issue is the lack of investor communications/ progress w deleveraging etc.
Thanks for this. Thoroughly enjoyed the 3 articles. My takeaway - this belongs to Buffett's 'Too Hard' pile. You'll have to deal with supply (capex cycles, cashflows, contracting, utilisation rates), and demand (policies/politics, oil demand)...too hard...maybe an oil royalty company to gain exposure to this space would be much easier with less risk
Thank you for the write up. Have you taken a look at Gulf Marine Services listed on the LSE?
Thanks,
Josh
I have not; i just flipped through the pres and it certianly looks interesting, but i'd need to find a way to get comfy with corporate governance here
I have a short summary of its background here if you are interested :). It’s not a full blown analysis so please don’t expect too much!
https://open.substack.com/pub/joshzkq/p/gulf-marine-services-gms?r=6hkta&utm_medium=ios&utm_campaign=post
Agree that corporate governance is a concern but after all the drama and shake up, management team and board is at a much more stable state. Management is also forced to allocate excess cash/ capital to deleveraging.
My main issue is the lack of investor communications/ progress w deleveraging etc.
Happy to exchange thoughts here!
Thanks for this. Thoroughly enjoyed the 3 articles. My takeaway - this belongs to Buffett's 'Too Hard' pile. You'll have to deal with supply (capex cycles, cashflows, contracting, utilisation rates), and demand (policies/politics, oil demand)...too hard...maybe an oil royalty company to gain exposure to this space would be much easier with less risk