Random PICTURE of the day thread *KEEP IT WORK SAFE*

[Strychnine]

Zapata Offshore drilling rig - owned by Zapata Petroleudm, started by George H. W. Bush in 1950.



That's Bush senior on the left

[cobrajet69]

Zapata Offshore drilling rig - owned by Zapata Petroleudm, started by George H. W. Bush in 1950.

In related news...

I just read an inner-company memorandum stating that Halliburton is in talks to purchase BJ. Have you heard this yet? Appears that a deal is on the plate fairly soon.


David

[Strychnine]

In related news...

I just read an inner-company memorandum stating that Halliburton is in talks to purchase BJ. Have you heard this yet? Appears that a deal is on the plate fairly soon.


David

Yeah. I'm at the annual International Association of Drilling Contractors meeting in NOLA right now. Walked out of a Coast Guard / Dept of Interior regs update and read the news (as did many others here). Rumor has it (friend of a friend at Halliburton) that the deal has already pass some initial SEC litmus tests.

They would combine into a $75 billion market cap, putting them #2 behind SLB ($124B). With Weatherford being the third largest (for the moment) at $12B it would essentially turn the "big 4" into the "big 2."

[cobrajet69]

Yeah. I'm at the annual International Association of Drilling Contractors meeting in NOLA right now. Walked out of a Coast Guard / Dept of Interior regs update and read the news (as did many others here). Rumor has it (friend of a friend at Halliburton) that the deal has already pass some initial SEC litmus tests.

They would combine into a $75 billion market cap, putting them #2 behind SLB ($124B). With Weatherford being the third largest (for the moment) at $12B it would essentially turn the "big 4" into the "big 2."

... but in HHP it puts them light years past SLB.


David

[Strychnine]

... but in HHP it puts them light years past SLB.


David

Then there's this:

The timing also begs the question of how this deal would get done in the current market. Halliburton has an enterprise value of around $51bn. With just $2bn of cash, they will probably need to use a combination of equity and debt to finance the deal (Baker has an enterprise value of $29bn and an equity value of $25bn). The markets are skittish right now, and it will be interesting to see what sort of financing Halliburton decides to use to fund the deal. The consideration paid to Baker will likely be a combination of cash and shares in the combined entity, allowing Baker shareholders to continue to participate in the upside of the ongoing business.

Since this is a pic thread:






Maybe they'll combine and go purple.

[no4njnk]

Also talks about someone else getting out of the service market and going manufacturing only. Started to sell a lot of their units but I still have customers building for them for 2015. All just rumors for now. Be interested to see how the next few years will go.

[VaderTT]

[mstng86]

haha, i have no idea what the hell is going on there.

[VaderTT]

CC, no head pancake with his bf Ash Ketchum.

[Trip McNeely]

In related news...

I just read an inner-company memorandum stating that Halliburton is in talks to purchase BJ. Have you heard this yet? Appears that a deal is on the plate fairly soon.


David

BJ has been owned by Baker-hughes for years. Are they just buying the Cementing division or are they buying the whole Shebang?

[Strychnine]

BJ has been owned by Baker-hughes for years. Are they just buying the Cementing division or are they buying the whole Shebang?

Whole thing. Baker Hughes, not just what used to be BJ Services.

[Trip McNeely]

Whole thing. Baker Hughes, not just what used to be BJ Services.

I would be very surprised if the SEC lets that merger happen. Those are 2 giants. That would take down SLB from the top of the food chain.

[Strychnine]

I would be very surprised if the SEC lets that merger happen. Those are 2 giants. That would take down SLB from the top of the food chain.

Dollar wise SLB would still be number 1.

But employee wise, the article I read said Baker has 61,000 and Halliburton has 80,000, for a combined ~141,000 while SLB has 126,000

[cobrajet69]

Then there's this:




Since this is a pic thread:



Maybe they'll combine and go purple.

Not sure Halliburton has a version of the GD-3000 or Destiny pump, so... Maybe the transition will be lengthy and we'll stay busy in that market.



David

[cobrajet69]

BJ has been owned by Baker-hughes for years. Are they just buying the Cementing division or are they buying the whole Shebang?

Yeah, aware of that.
Old habits...



David