Friday, January 23, 2009

Ledbetter's Laments

We've had a long conversation with Jim Ledbetter, the company's recently separated Chief Technical Officer. He is doubtful, I gather, that the Adan Abraham will ever be our drillship, but notes that several others are possibilities. Nonetheless, he isn't hoping for any drilling activity until the last quarter of 2009.

He was critical of decisions to throw away corporate money on lawsuits that solved nothing, went nowhere and only achieved a reduction in our assets. He felt strongly that current management is generally incompetent.

I hope to add more about his observations soon.

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