Discussion about this post

User's avatar
Whirly's avatar

Thanks for another good piece.

I think there are risks to those offshore capex numbers.

2025 has repeatedly disappointed, eg: https://x.com/EnergyRealist25/status/1928741306597257309

Could this be at least part of the reason why those contracts expected last year haven't happened yet?

If oil stays under pressure, I would expect to see 2026 capex get pushed to the right again.

Is it odd that AIS is listing on the ASX? I can't imagine why a UK-based company servicing the global energy sector would do that.

Expand full comment
Adham's avatar

Very interesting...

What do you think happens to the convertible note at maturity? + potentially higher WC on growth + potential delayed CAPEX as per the above discussion (first comment I believe)? If PX stays below conversion, would they refinance easily? if higher and Collins St converts, would likely cause drop in PX for dilution? thx!

Expand full comment
14 more comments...

No posts