Sorry guys, I cannot believe anymore that it is Baker Hughes fault. BH is trained since 100 years not to arrive late on drilling rigs. Imagine: An offshore rig can cost US$ 1 million per day. And this rig is waiting for the Baker Hughes Service Engineer who has forgotten the o-ring of one of his logging tools and this offshore rig has to wait some weeks for this guy. The company man will be pretty pissed off and the Service engineer will get fired. An onhore rig as we have seen on the fotos and films can cost US$ 100,000 per day. Perhaps this IVZ rig is cheaper because it is from Poland. But even such a rig would not wait for weeks for a BH tool. Most spare parts could be delivered by plane from Houston or any other location with a BH office in urgent cases and oilfield service companies are used to to handle things like customs all over the world. If BH would be the reason of such long delays, BH would be out of business since many decades. The same for the drilling contractor. If a drilling contractor has done the rig up, the drilling contractor cannot pay the roughnecks for many weeks for not drilling. I would expect that the drilling contractor sends the roughnecks home for off time when they have to wait for so many weeks.
Usually the service companies tell the operator their delivery times. Long lead items can be a problem and I remember times when you had to wait one year for a sour gas x-mas tree. But at one point of the planning the operator tells all involved companies: this is the spud day and usually all companies including BH are ready for spudin.
IVZ Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
