You have to follow the sequence of events to understand why these things aren't just "things that happen in this game".
Slampoil posted here about electrical problems with the rig. The company then put out an announcement saying everything is on track, no delays.
Then a few weeks later, lo and behold the company confirms rig delays because of electrical problems.
This tells me one of two things: - The technical team knew but hid the extent of the problems from Sam Willis (no worries boss, she'll be right). This place Sam in a compromising position because he put his credibility on the line based on the information his technical team gave him.
or
- Sam Willis knew there would be delays and hid bad news from the market. I really don't think this was the case. Sam comes across as quite a genuine person, perhaps too earnest and trusting.
He needs to realise he is the CEO, not the boy-king who needs to defer to his council.
Thereafter, the technical problems they had with drilling - well you could say they are typical of the industry but these are things they really should have known better.
When a series of technical faults occur, then you've got to realise there is a pattern of unlikely incidents all stemming from the same team.
They signed off on the rig after inspection. They should have picked up the faults. OK, they missed it but then...why wasn't it communicated to the market in a timely fashion?
Slampoil was so convinced of his information that when the company released an announcement confirming all was OK, we poured a bucket of crap over him but he stood firm and maintained his position.
He knew there would be delays, which means someone within NSE also knew. So why didn't they tell Sam?
NSE Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Not Held
