bad news train, page-8

story of two companies

1. well opens as planned, typhoon goes further north, mooring and riser had sufficent emphasis on design. we are rolling in cash.

2. the actual story - about to open well, typhoon rips through, disconnection makes a mess of subsea and mooring design, no recourse available because of crap contract. as we were about to open. massive dilution of stock to pay for rectification. bad loans made to GPC. no recourse.

here we are, crap MD sold off turkish assets (cash producing turkish assets) convinces shareholders to give him 4mn options, and runs....

lessons learnt? put the money in the design - muppets