Amongst the main takeaways for me … NL: Doesn’t see PE loss as a failure. Provided FAR with “leverage along the way" (????wtf).End of Oct WPL “changed their mind” on FPSO ie lease to purchase. CN: Cash can fund FAR until end Sept.Scope to renegotiate Phase 1 costs … WPL doing a good job. JV now one of few remaining customers for MODEC … scope to renegotiate FPSO cost. Expect revised (down) CAPEX (and subsequent cash flow) as a result of WPL renegotiating (especially the FPSO). Me:Ok. Let’s see if the first future announcement is about significant reduction in CAPEX confirmed/negotiated by WPL or a cash call that wipes FAR out.
FAR Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
