In 2008 the top three OVERPAID individuals at GLF made over $6,300,000 in total compensation. These guys have the fiduciary responsibility in protect the company assets but in March of 2009 comes a write off $47,000,000 in new construction. ROOKIES or EXECUTIVES?
I listen to a conference call from a competitor of GLF and one would be blown away in the straightforwardness, which they answered questions. The ROOKIES/EXECUTIVES of GLF have a big credibility problem in the market place and they seemed to be willing to keep talking around the issues instead of talking straight. For one they believe we are all stupid and they have all the answers or they are just greedy, inept, individuals whom have been promoted beyond their capability of being effective in any organization.
The CEO is completely over his head or just plain out of touch with reality. Quote by BRUCE STREETER,”I think if you look back, you'll see that we had a fairly significant reduction in operating costs in the North Sea in the second quarter, and that held in third quarter, we kind of worried that it might drift back a little.”
1st QTR 2nd QTR 3rd QTR

N/Sea OPX $19.4 $17.3 $19.1
Num of Vessels 26 25 24

This OVERPAID CEO does not know his own company! Costs were UP in the 3rd QTR in the North Sea compare to the 2nd QTR. Most troubling, the costs were down in the 2nd QTR compare to the 1st QTR but the area is reducing its fleet size and in the 3rd QTR the fleet is reduced again but the costs are up compare to the 2nd QTR and running very close to the 1st QTR with fewer vessels. Is this cost control?
When you have so many mismanaged situations in an organization one should start to look at who is in charge and what type of individuals surround them. Do the three OVERPAID ROOKIES close their doors in the ivory tower and believe they are always right? Where is the BOD for this company? Are they similar to the current management team?
Go back and listen/read the prior conference calls with this company and decide if you think these guys are honest and straightforward with their comments to the shareholders. They all should be fired and should be held accountable to pissing away $47,000,000 of shareholders CASH. Also, on the next call just tell the truth!