LuckyLuch wrote: I'm not here to become chummy fellows with the mgt of ESN....I'm here to make $$. A student of history such as myself has seen this story play out numerous times since the 1980's-boom/bust energy cycles. The mgt team of ESN has done nothing but destroy value since its spin out from Avenir Div TRust in the mid 2000's. Bottom line, their vision has NOT worked as we sit right off all time lows in the stock. Insanity is defined by doing the same thing over and over..yet expecting a different outcome. During this past Q conf. call, the "team" said they are looking at possible sending equip to the states.......3 1/2 year past the top and ur just now considering this????
Sell the company to Trican when they come calling in the spring. You gents are out of your league.
What could consolidation possibly achieve here ?
Consolidation is not always the answer to every slow-down.
Bigger is not always better.
When a consolidation adds value AND eliminates "the" competition, that is good.
When a consolidation just makes something bigger ... that does exactly nothing.
The opportunity for gaining market capitalization does not exist in this deal.
It's a fool's errand, nothing more.
Besides buying a whack of debt.
This is an Oil-Industry wide slow-down ...
as of a result of the low price of oil.
The trickle-down from the big oil companies,
to the oil-field service companies ... is just not there, yet.
Any M&A or amagalmation is pure speculation,
or in this case, speculation + debt.
For these two (Trinidad and Ensign) this is just more oil-field equipment put out in the pasture ... to grow grass under.
This deal is not "value added" and therefore
another dumb idea brought to this page
by our old folly "out-to-lunch".
Says he talks to ESN's executives ...
You know the type ... the big guys just stand there, and roll their eyes to each-other trying to pander him off to the door.
Even I feel relief just knowing that out-to lunch only can reach his own buttons.
Whew !
Glad that guy is gone ... lol