Ann: Investor Day 2017 presentation, page-127

I hope you grabbed the price on offer above $16. re yr post: each season i make my forecast well in advance and use it to derive my IV for a stk. Re WOR i simply can't see how Mr Mkt places such a high value on a contractor whose backlog of work is significantly below what it requires to maintain SP at $13 let alone $16. I remain convinced we'll all look back in a few months and realise the exuberance was not based on fundamentals.

Re the report. I expected WOR to have gained much more wk in the shale sector than materialised. Whilst they have done well from oil sands in Canada the oil extraction process is very energy intensive and the environmental damage has to be seen to be believed. Amazed canadians tolerate the destruction of pristine woodland that cannot revert back to type. The very heavy oil from oil sand has seen a collapse in end price and its ability to generate profits remains in doubt. There is still some expansion going on but that will peter out and WOR's income will slow significantly.

What is missing is a regular stream of massive even mega contracts that were a regular feature with WOR until say end of 2013. Will we see a resurgence in these big infrastructure ventures eg offshore platforms, giant chemical factories, new huge mines etc? Of course they'll be a few around the globe but nothing like te boom experienced in 2003-2013. Small contracts are fine but you need scores of them to equate to a single large deal. Wor know this hence their buyout of a maintence type firm servicing N.Sea oil. Plus competition remains intense, and that won't change either.

Macro remains fragile/uncertain imo. Each week brings something new. Will a trade war eventuate? Will shale keep a lid on oil price.? Will Venezuela and libya collapse totally? The list goes on. This uncertainty inhibits firms committing to large greenfield projects. But will DAR do something? Time will tell.