OH wait....he's coming back to destroy us LOL. As if we weren't already bad enough, now we have our former CEO crushing us. Our Chief Elfecutive needs to wake up.
https://www.worldoil.com/news/2021/3/2/baker-hughes-and-akastor-asa-form-global-offshore-drilling-joint-venture
We were sold out because they got in a piss-I got contest... I worked my tail off for those guys and got caught in the NO-V war. Petty and ruins good people’s income. They are all a joke.
Pete can not change the fact that the drilling industry is a very tough place at the moment, with limited demand for wells an DCs in ch11 or in the middle of serious cost cutting initiatives. Pete was in many ways the architect behind what was good when the industry were booming, buying a lot of companies with many product lines an massive fabrication capacity. This is now a financial burden as the slow marked makes much of the capacity redundant and increases the fixed cost base. Do Pete plan to repeat the NOV story, or something close to it? Prepare for future boom? It will be exciting to follow what strategy they will pursue, and how close they will integrate the Baker offshore service portfolio. MHW is a joke in the land marked, so this is first an foremost a competitor in the offshore segment.
Looking bad for NOV though. Not because of Pete Miller. He's a people person but a terrible leader. Looks like every other service company and OEM are joining so that when you want a service they have equipment to offer and poor NOV is left outside looking in because they have no real service to compete with Baker and SLB now. There's always Halliburton and NOV . . .
We’ll see how ole Pete does when the market stinks. He looked like a demi-god when he was allowed to build a monopoly (for all practical purposes) and the market was running wild. Now, it’ll be close quarters combat with more competitors. This may finally put the Pete vs. Varco mgmt saga to bed... I don’t think either has anything to brag about. Enjoy the show, ladies!!