John Rynd on capital markets
From Bauer Alumni Breakfast of Champions Presents John Rynd · · C. T. Bauer College of Business
“In 2009, the jackup rig market in the Gulf of Mexico hit its lowest count since the early 70s due to lack of access to capital, but the business has since recovered from 14 to 44 rigs industry-wide.”
On , John Rynd, Executive Vice President of Investments at CRESCENT ENERGY CO, spoke about capital markets during Bauer Alumni Breakfast of Champions Presents John Rynd on C. T. Bauer College of Business.
About John Rynd
John Rynd, then CEO and President of Hercules Offshore, spoke at a Bauer Alumni Breakfast of Champions event in fall 2011. He discussed the cyclical nature of the offshore oil industry and described significant manpower shortages in both labor and professional roles. Rynd stated that the industry needs employees across all capacities, including accounting, finance, marketing, and logistics. Rynd addressed the industry's public perception following the Macondo incident, saying that the public and administration viewed the industry as "reckless cowboys ignoring safety." He provided an overview of Hercules Offshore's financial position, stating that the company entered a downturn with $90 million in cash and held about $130 million at the time of the talk. Rynd noted that Hercules owned 23 of the 36 cold stacked jackup rigs in the Gulf of Mexico and described cost-saving measures including workforce reductions, pay cuts, and reduced 401K matches. He also stated that the offshore oil industry is the second largest contributor to the US Treasury behind the IRS, generating $79 billion in offshore royalties and lease payments over six years.