text:
Jeff Chastain - VP, IR and Communications
Louis Raspino - President and CEO
Brian Voegele - SVP and CFO
Kevin Robert - SVP, Marketing and Business Development
Ron Stilley - CEO, Seahawk Drilling Division
Arun Jayaram – Credit Suisse
Scott Burk – Oppenheimer
Monroe Helm – CM Energy Partners
Robin Shoemaker – Citigroup
Ian Macpherson – Simmons & Company
Andres Fitzgerald [ph] – Pareto
Pride International, Inc. (PDE) Q3 2009 Earnings Call Transcript October 29, 2009 2:00 PM ET
Thank you for waiting and welcome to the third quarter 2009 earnings call -- conference call hosted by Pride International. Today's conference is being recorded. As a reminder, your lines are currently muted and will be opened at the end of the formal presentation for a live question-and-answer session.
I am pleased to introduce your conference host today, Jeff Chastain. Please go ahead, sir.
Jeff Chastain
Thank you, Robert. Good morning and thank you for joining us for our review of the third quarter financial results for Pride. A copy of the press release covering the financial results along with the supporting statements and schedule is posted on the company's website, as you probably know that's prideinternational.com. Also on our website we posted last evening the latest version of fleet contract status dated October 28th, so that is also there for your download.
Joining me on the call this morning are the following executive officers of Pride. Louis Raspino, President and Chief Executive Officer; Brian Voegele, Senior Vice President and Chief Financial Officer; Ron Toufeeq, Senior Vice President of Operations, Asset Management and Engineering; Kevin Robert, Senior Vice President of Marketing and Business Development; and Len Travis, Vice President and Chief Accounting Officer.
Before I'll begin I will turn the call over to Louis, I'd like to remind you once again that during the course of this call, certain forward-looking statements may be made. These statements may relate to among other things our expectations of future performance, demand for drilling services, future results and cash flows and completion of asset sales. Any such forward-looking statements in addition to other information discussed in this call are written within the Safe Harbor provided by Federal Securities Regulations. These statements reflect our current views that actual results could differ materially from those projected due to the factors discussed in the call or in our filings with the SEC. Those filings are posted on our website; again that's prideinternational.com
Also note that we will use various numerical measures in the call today, which are or maybe considered non-GAAP financial measures under Regulation G. You'll find the required supplemental financial disclosure for these measures including the most directly comparable GAAP measure and an associated reconciliation on our website.
I'll now turn the call over to Louis.
Louis Raspino
Okay. Thank you, Jeff. Good morning, everyone. Following our normal practice I'll make some opening and then brief closing comments. Brian's going to give you our financial information. And Kevin will talk about our market segments.
Most importantly in the third quarter we delivered on our commitment to finalize the spin-off of the mat-jackup business. This represents the final major step to position the company with a highly focused floating rig fleet, and with an increasing emphasis on deepwater drilling. And this is evidence by the fact that 77% of our 2009 year-to-date revenue is from our floating rig fleet spin [ph]. And we forecast that by 2012 this will grow to approximately 95% of our revenue coming from our floater operations.
We said early on that we believe the spin-off would result in the some of the parts being greater than the whole, and we see tangible evidence of that now as the value of our long-term strategy is being increasingly recognized by the market.
Since the spin-off our equity performance is leading our peer group as Pride is receiving a more appropriate valuation as a floating rig company within emphasis on deepwater, combined with Seahawk being valued on a standalone basis is the U.S. natural gas pure play. We expect to continue our strong equity performance relative to our peers as investors increasingly understand and value the market leading deepwater growth already wired in to our portfolio in 2011 and 2012.
Now healing [ph] most of that growth will be the addition to our fleet total to four ultra deepwater drillships currently under construction all at Samsung. I am happy to report that all four of these projects continue to be on time and on budget in the shipyard. We're schedule to take delivery of the Deep Ocean Ascension at the end February and beyond day rate revenue by the end of July.
In this week, the key [ph] was laid on the Deep Ocean Clarion. We anticipate launching that ship out of the dry dock in December taking delivery in late August of next year and being on day rate revenue by the end of January '11. And both of these units are contracted to work of BP in the Gulf of Mexico.
With the transformation of Pride now complete, we're sharply focused on providing our clients with deepwater solutions through excellent safety, operations and engineering capabilities. Performance excellence and continuous improvement are our standards in all activities, line and staff.
And with that objective in mind, during the quarter we announced the reorganization of our operations functions. Dividing the responsibilities of the formal Chief Operating Officer position and naming Ron Toufeeq who was formally our Senior Vice President of Engineering, as Senior Vice President of Worldwide Operations Asset Management and Engineering, and naming Greg Looser who was formally our Senior Vice President of Legal and Information Technology. He is now Chief Administrative Officer, whose responsibilities will now also include executive leadership of our worldwide safety and supply chain functions.
This reorganization is already driving actions to eliminate layers, improve the efficiencies, reduce cost and improve performance. Most importantly, this new structure will allow for increased executive level focus on our day-to-day operations, asset maintenance and engineering functions as well as executive level focus on the strategically important safety and supply chain functions. These changes play a very important role in ideally position our organization for continued growth.
Turning to industry conditions, with the extreme economic uncertainty that has prevailed throughout this year, we have seen few contracted commitments in the industry for all classes of offshore rigs. However, as average crude prices improved 15% in the third quarter relative to the second, and a current price of approximately $77 is up 125% from this year's low in March.
We are seeing increased -- customer increase compared to earlier this year, especially for ultra-deepwater rigs. Should oil market and economic fundamental strengthen or even stabilize so that customers can have a higher level of confidence in a sustainable crude price trading range.
We believe even at current oil price should support higher exploration and production spending and greater demand for offshore drilling services. In addition to the oil market fundamentals, customers continue to face many challenges in spending the ever increasing rate of production decline in existing fields, which we expect will support long term demand growth for drilling services. And interestingly, despite the depressed worldwide economy, in 2009 year-to-date E&P companies have announced 37 discoveries in water depths greater than 3000 feet. Now this is more than any other full year in history.
Now (inaudible) do not appear to be in hurry to commit to rigs for their '11 programs and beyond, and this adds some uncertainty regarding the near-term rig supply and demand balance. However, the high exploration successes rate bodes well for longer term development drilling in deep and ultra-deep water.
For the third quarter, we reported earnings from continuing operations of $0.45 per diluted share, which was at the top of our previous guidance of $0.39 to $0.45.
Before turning the call over to Brian to review the quarter from a financial perspective, I'll mention that Q3, and to larger extent Q4, are being impacted by a high number of out-of-service days on some of our highest day rate rigs as we complete the necessary periodic surveys along with significant upgrades in the shipyard.
The overlapping timing of several of these shipyard projects in these two quarters is unfortunate, but such shipyard visits are necessary part of the offshore drilling business. We will soon have the shipyard projects behind us, so we can return the rigs to work while we are also beginning to see next year the impact of our deepwater drill ships start to come online, Brian?
Brian Voegele
Thank you, Louis, and good morning to everyone. Before I begin with my prepared comments, I want to apologize for the lateness with which the press release came out, the earnings release came out this morning a little bit later than we normally would like to get it out. As you might expect with the spinoff of Seahawk and those of you that have been around, I'll call that audits, it's a very difficult process to go through in your final accounting.
And, I think our accounting group has done a tremendous job and there was some additional reconciliation that we were going through late into the evening.
In addition, because of the lateness that we finished up, we had a technical difficulty with the wire service. And so, I apologize that you may not have had much time to look at the release. Obviously, Jeff and I are around all day, so if you try and make it through -- way through the release and have additional questions, certainly feel free to call us.
I have planned to make a few brief comments about our financial performance for the quarter and what to expect as we look forward to the fourth quarter. As a result of completing the spinoff of our Mat-Jackup business during the third quarter, financial results for this segment have been reclassified to discontinued operations.
My comments today will focus primarily on the performance of our continuing operations.
Third quarter income from continuing operations totaled $80 million or $0.40 per diluted share on revenues of $386 million. Included in our reported results for the period, our additional costs associated with the restructuring of our global operations and support groups including related severance costs totaling $6.9 million or $0.03 per share after tax, excluding these non-recurring costs, income from continuing operations would have been $0.48 per fully diluted share for the period exceeding our prior guidance of $0.39 to $0.44 per share. Our outperformance was driven primarily by better-than-expected operating results from the Pride Wisconsin which worked under its contract with Pemex 20 days longer than originally forecasted for the period, contributing an incremental $0.02 per share.
The Sea Explorer which operated on its contract in Congo for 21 days longer than expected contributed an additional $0.03 per share. In the rest of our floating fleet, better-than-expected performance by the Pride Angola which operated a 100% utilization. In recognition of incremental deferred revenue from the Pride South Atlantic we are more than offset by the impact of the early completion of the Pride South Pacific contract, additional out-of-service days in the Pride Portland due to our decision to blast and paint the hole and columns while it was in the yard and mechanical downtime in the Pride Mexico, all of which, aggregate resulted in a reduction of $0.03 per share, separate from the performance of our fleet, lower than expected SG&A expense contributed an additional $0.02 per share to our outperformance.
As noted during our last call in July, and as Louis mentioned earlier, plan shipyard activity was a major influence in shaping the quarterly results. Major upgrade projects on three of our eight deep water rigs along with planned maintenance and mobilization on the Sea Explorer as it will move from West Africa to Brazil to begin a multi-year contract resulted in lower revenues and earnings for the period when compared to the second quarter.
These planned projects coupled with unexpected downtime on the Pride Carlos Walter and the idling of the South seas caused the utilization in the deep and mid-water segments to fall to 76% and 67% respectively for the third quarter. This compares to second quarter 2009 utilization of 95% for the deepwater segment and 82% for the midwater segment. As a result, total revenues excluding client reimbursable were $386 million in the third quarter down 12% when compared to the second quarter of 2009.
Just to update the status on each project, first in the deepwater segment. The semisubmersible Pride North America was out of service for 79 days during the quarter undergoing its SPS and a significant upgrade program that includes the installation of the fourth engine and a new pipe racking system along with an overhaul of mooring system and refurbishment of accrual quarters.
Total cost for the shipyard work is expected to be approximately $55 million. Some delays have been experienced with the delivery, equipment and steel replacement. As a result, the rig is currently expected to return to service in mid-November.
The Pride South Pacific was out of service for 33 days during the period after completing its contract earlier than expected. Arriving into shipyard in Cape Town on September 18, the rig began its upgrade and maintenance project that includes among other thing, it's five year SPS and major combination upgrade.
As a result of the earlier start date the project is expected to conclude by mid December 2009 and following mobilization we'll be ready to commence its one year contract with Noble Energy and (inaudible) near the beginning of 2010.
Finally, the semisubmersible Pride Portland was out of service 31 days in the quarter. Project was completed on October 6th and rig was back on dayrate on October 13th. In our midwater segment, the semisubmersible Sea Explorer was out of service for 41 days in the quarter.
During the third quarter, the rig energy shipyard in Congo on September 1st to complete necessary survey work and contractually required equipment upgrade in advance of commencing its two year contract with OGX in Brazil. The Sea Explores begin its mobilization to Brazil on September 21st arrived on October 16th as expected to commence its contract OGX in the first week of November following customs point clearance and equipment load out.
While on the shipyard in Congo, during its mobilization to Brazil and during the period of customs clearance and equipment load out, the unit was on reduced dayrate of $300,000 a day resulting in approximately $18 million of revenue which were accounting purposes is deferred and amortized over the license [ph] contract.
In addition to the out of service time related to schedule shipyard programs the deepwater semisubmersible Carlos Walter was on zero dayrate for 20 days to re-drill a portion of the well during a period. Furthermore, after working for 58 days during the period the Pride Wisconsin completed its contract with Pemex and it was mobilized back to the U.S. Gulf of Mexico where it was cold stacked. We do not expect the Wisconsin to work for the foreseeable future.
Operating expense, before reimbursable for the third quarter increased 2.6% over the proceeding quarter of the year to $211 million. Third quarter OpEx reflects $6.2 million in severance costs associated with changes design to flatten the organization and reduce regional over head.
Offsetting this increase was $2.5 million more in capitalized and deferred cost during the period, associated with shipyard and mobilization activity then in the second quarter. Excluding the impact of these two specific items operating costs were approximately $2 million higher than in the second quarter. Primarily as a result of increased labor cost associated with the continued ramp up and staffing and training through our new built drillships is scheduled to be delivered in 2010.
SG&A for the third quarter was $30 million compared with pre spend SG&A of $33 million. Included in the third quarter SG&A our severance cost of $600,000 along with an additional $600,000 related to stock based compensation adjustments in conjunction with the distribution of Seahawk equity.
Excluding these items SG&A decline by approximately 13% during the period reflecting reductions made as a result of deposing the mat-jackup segment and an increase focus on reducing overhead costs.
Further streamlining of our shore base support cost continue to be key goal of ours. We began implementation of first phase of this effort which consists primarily of targeted reductions early in the third quarter. We have started the second phase of the project which entails white boarding the organization and while this is a tedious process, we are optimistic that it will result in further efficiency.
Total EBITDA in the quarter was $137 million, down 32% from the second quarter of 2009, due primarily for the high level of shipyard activity in our floating fleet. As Louis noted, despite this activity our floating rig segments still contributed 75% our EBITDA in the third quarter. A level that we expect to continue expanding as we complete our active shipyard schedule in 2009, and commence operations with our new ultra deepwater drillships currently under construction.
Our effective tax rate in the third quarter was 18% squarely in the range of our expectations. We expect our effective tax rate for the fourth quarter to fall in the range of 17% to 20%. Our cash tax rate for the third quarter was 16%.
Cash flows from operations in the third quarter totaled $158 million bringing cash flows from operations for the first nine months of 2009 to $532 million. Capital expenditures in the quarter reached $224 million with expenditures for the nine months ended September 30th totaling $699 million. Approximately $468 million of the capital expenditures for the first nine months of the year related to the construction of our four ultra deep water drill ships.
We expect total capital expenditures in the fourth quarter of 2009 to be approximately $373 million bringing full-year spending to an estimated of $1.2 billion with an outlay of $237 million in the fourth quarter forecasted for our existing new bills. At September 30th, approximately $1.6 billion in capital expenditures remains to complete our four rig construction program.
At the end of the period, cash and cash equivalents totaled $958 million and our $320 million revolving credit facility was undrawn. Total debt was $1.2 billion resulting in a debt-to-total capitalization ratio of 22% well within our target range. We believe that our existing liquidity combined with future cash flow from operations is sufficient to fund our existing construction commitments and our balance sheet provides us with a solid foundation for growing our deep water fleet during this period of softness.
Looking ahead, we expect the fourth quarter to be similarly characterized by shipyard activity on a highest day rate rigs. As I mentioned earlier, it is expected that the Pride North America will return to service in mid-November experiencing about 30 more revenue days and are achieved in the third quarter. Similarly, the Pride Portland, upon completion of its five-year survey is expected to achieve 22 more revenue days during the fourth quarter than it did during the third quarter.
Utilization improvement for the Carlos Walter is also expected to result further revenue improvement for the fourth quarter. However, these improvements are expected to be entirely offset by the impact of the Pride South Pacific which is scheduled to be in the shipyard for the entire fourth quarter or have about 60 less revenue days than achieved during the third quarter.
Further contributing the revenue reduction, the Pride South Seas, Pride Wisconsin, Pride Tennessee are all expected to be idle for the entire period. And the Pride Pennsylvania is expected to be off hire [ph] for 60 days during the period as it mobilizes the shipyard for its periodic survey. As a result of these changes, we expect fourth quarter revenues, excluding reimbursable to decline from third quarter levels by about $70 to $75 million.
Total operating costs are expected to decline by approximately $7 million in the fourth quarter. This decrease is expected to be driven largely by cost related rigs that we expect be idle or cold stacked during the period partially offset by a $5 million increase in costs associated with the hiring and training of crews for the deep ocean ascension, the first of our four new build projects which is scheduled to be delivered in the first quarter of 2010.
With this backdrop, we expect the fourth quarter of 2009 to be in the range of $0.12 to $0.17 per share and represent a trough level of earnings. While the fourth quarter will mark a low point, we also expect 2010 to show considerable improvement as utilization in our deepwater fleet returns to more normal levels with the completion of shipyard projects in the North America and the South Pacific, and as earnings contribution from the deep ocean ascension commences.
Now I'll turn the call over to Kevin to make some comments on -- we have made in shallow water market segments.
Kevin Robert
Thank you, Brian. We expect the international jackup market to continue to be very soft for 2009 and into 2010, as about a 110 rigs are looking for new contracts in the next six months. The worldwide jackup fleet continues to add capacity, is about 51 new jackups will be delivered over the next 18 months of which 42 have no contract. Day rates for premium jackups operating in non-harsh environments appear to be contracting in the $95 to $115,000 per day range, while rates for standard 300 foot IOCs were mostly in the $75,000 to $95,000 per day range.
In India, ONGC has received nine bids for its tender for 300 foot independent leg jackups for five-year terms. This tender is targeting renewal of three incumbent rigs in India for commencement by May 1, 2010. Although, one of the incumbent rigs is the Pride Pennsylvania, the rig is not available before May due to its need to undergo a special periodic survey, so we do not expect to win this work.
At the end of the current contract for the Pennsylvania, we plan to move it to a yard in the Middle East and bid the rig back to ONGC on our next tender, which we expect end of March, before the end of the year.
Overall, we expect ONGC to hold its jackup cost steady during the next 12 months, -- we would be able to obtain some higher specification rigs at good rates. There is a similar situation developing in the Middle East where Saudi Aramco is examining their jackup requirements for 2010. We expect to see them maintain or even increase their jackup fleet, but do so by acquiring newer higher specification jackups at competitive rates.
In Mexico, Pemex is struggling to obtain funding for their drawing programs. This is preventing them from launching any new tenders, and we now expect them to delay [ph] any new tenders until early 2010. Indications are that they could further reduce their rig count going forward as they may continue to release rigs with terms expiring in 2009 as they have done to the Wisconsin and the Tennessee.
When Pemex's 2010 budget is approved, they may be able to extend a few incumbent rigs and launch new tenders, but we expect the rig count in 2010 to be lower than in 2009. We are marketing the Tennessee for work in other markets, but Wisconsin is cold stacked.
West Africa continues to have about 15 oil jackups, and opportunities continue to be spotty, but we haven't been able to find well-to-well work with a good vendor. And we expect to continue working this jackup in the West African spot market.
Deepwater markets which we define as water depths from a 1,000 up to 4,500 feet of water continue to be under near term utilization pressure as only about half of days available for the marketed midwater fleet or contracted from now to the end of 2010. Recent contract awards in the midwater sector have mostly been for short-term work, although, there was a recent award of one year contract for more semi in Brazil. The dayrate was in the mid $200,000 per day range for a deepwater MODU semi that we operate in midwater.
During the quarter, we had couple of new inquires coming to the market for work commencing in late 2010 to early 2011, and although, we expect few more midwater rigs in the North Sea maybe idle, we don't expect that will migrate out of that market. If they stay put it will keep high expect midwater rigs from competing in other markets. We also believe that there will be some longer-term growth in 2011 and beyond in midwater market for water depths exceeding 200,000 feet. However, this demand is likely to be satisfied by lower spec deepwater rigs working in midwater sectors.
We continue to offer the Pride South Seas and Pride Venezuela on midwater opportunities but at this time we don't have any commitments for these rigs. The Venezuela is on its way to a yard in the Middle East and the South Seas will stay in West Africa while we look for work.
Deepwater markets which we define as water depths greater than 4,500 feet have been relatively quite as we experienced only one contract commitment and a couple of new inquires for deepwater rigs in the quarter. Bids will also turn in for two deepwater tenders looking for equipment in 2011.
(inaudible) activities are increasing especially in the U.S., Gulf of Mexico as operators continue to try to reduce their 2009 and 2010 drilling expenditures in order to balance their budgets. The willingness of operators to subsidized deepwater rig rate appears to be limited, so we do not expect all that activities to negatively impact dayrates at the preset time.
As we close 2009 and enter in to 2010, we still do not have enough data points from foreign commitments to gauge the pace of activity for 2010. With budget season approaching, we may begin to get some indication of activity levels based on announced 2010 budgets.
As Louis mentioned, to date our industry has had 37 discoveries and water depths greater than 3,000 feet. 21 of those were in water depths greater than 4,500 feet. More importantly, there is a trend to deeper and larger diameter wells which requires high specification equipments such as our new drillships.
There are currently about 15 enquiries or tenders ongoing in deepwater which are up from about 10 over the last quarter. We are responding to these request and tenders with (inaudible) our new build drillship available in 2012 and our existing deepwater fleet.
Let me close with an update on what is happening in Brazil, Petrobras issued tenders this week before last for a large number of new build rigs. Petrobras is looking to add up to 28 rigs to its domestic fleet through these tenders.
One tender for nine rigs was issued directly to Brazilian yards. Petrobras intends to own these rigs and likely offer long-term management contracts with our operation. The second tender for up to 19 rigs was sent to drilling contractors. Responses to the tenders are due in March 2010 and require all the rigs to be built in Brazil.
Petrobras has requested deliveries to begin four years after they award the contracts and they want all the rigs delivered within six years after contract award. This is a very ambitious project with many challenges but confirms that there is a real demand or ultra deepwater rigs operating in Brazil.
We expect their demand to continue to be partially satisfied by existing rigs from the international market. We have received the second tender and are evaluating how we can participate. It is much too early to speculate on the costs of building drillships or semis in Brazil and it may not be economic. But as you know, Petrobras is a very valuable client and we will seek to participate in the tender in a way that will give us an opportunity to profitability increase our business in Brazil and to further build on our relationship with Petrobras.
Thank you, and now let me turn the call back Louis.
Louis Raspino
Okay. Thank you, Kevin. In closing, with the completion of the spin-off our mat-jackups and the coming addition of the four ultra deepwater drillships start fleet, what I called extreme makeover Pride International was complete. We set the strategy in motion four years ago, resulting in our exit from the rig construction business as well as of divestiture of our 214 land rigs in Latin America along with our Latin American E&C service business, our Eastern Hemisphere land business and our Eastern Hemisphere tender rig business and in the Gulf of Mexico, of course, our platform rigs fleet and our fleet of 20 mat-jackups with the spin-off of Seahawk.
We follow the strategy counter to the trend of many others, who are investing heavily in additional jackup capacity. In all this time period, we're significantly growing around our core deepwater drilling expense. For the market has proven our strategy to be insightful. We're very glad with our strategic position today as a proven leader in deepwater operations.
With our strong focus on deepwater, we find ourselves well situated in the significant growth segment of the offshore drilling industry. As exploration and development technological improvements over the last decade have opened up this new geologic frontier providing a growing number of excellent -- exploration prospects with high success rates resulting an increasing rig needs for future development projects. Many of which will need the high-end drilling technology that we're building into our fleet expansion.
Deepwater is the area NOCs and IOCs are increasing looking to for their impactful discoveries, not only to replace the rapidly declining production but also to grow the reserve base. Customers in this market are well capitalized with long-term prospectus and with the ability and need to drill through commodity price volatility, and also focus not on quarterly results, but on broader, longer term objectives of increasing their natural resource reserve base, energy independents, hard currency reserves and driving their economic and social development, all in any, commodity price environment.
As a leading deepwater driller, this is our playing field. It is true that the deepwater drilling sector, like all sectors in the drilling market, is dealing with short-term rig supply demand challenges, but unlike the other sectors, the deepwater market provides visible, excellent, long-term growth potential.
Going forward, our revenue backlog of $7.2 billion primarily in the deepwater, represents a 125% of our market cap and provides a strong tailwind to what we believe will be industry leading EBITDA growth through 2012. Our asset base, our balance sheet and our organization are all well positioned to pursue further growth opportunities as we continue our journey which we have been calling up until the right.
With that, I will turn the call back over to Jeff.
Jeff Chastain
Great. Thanks, Louis. Robert, that concludes our prepared remarks. We are ready now to begin the question-and-answer period. So while you are assembling the queue, I'll remind everyone to please follow the one question, one follow-up rule, so we can get ready the Q&A allowing one time to answer when I pass the question.
Question-and-Answer Session
Thank you. (Operator instructions) Our first question will come from Arun Jayaram from Credit Suisse.
Arun Jayaram – Credit Suisse
Good morning, guys.
Brian Voegele
Good morning.
Arun Jayaram – Credit Suisse
Brian, I was wondering if you could comment a little bit on, as you have some rigs, which could get some ideal time next year on the jackup, and perhaps some on the shallow water floater side, how to think about costs for those rigs, the Venezuela, the South Seas etcetera? What are your stacking costs or etcetera?
Brian Voegele
Yes the, our stacking costs on our floaters will be in the range of $3,000 to $5,000 a day. So the South Seas -- kind of modeling the South Seas are expected to be stacked for a foreseeable future. Venezuela, we are going to take to the shipyard. Right now the current plan with the Venezuela is for us to mobilize to a shipyard in Dubai. We think its highest opportunity for working at rig is it got to be in India, Southeast Asia region or in Brazil, and there are some market opportunities that we are optimistic about. What we'll do, we will get to the shipyard in Dubai. We know that we have to fix the hulk and…
Arun Jayaram – Credit Suisse
Brian Voegele
That will be about a $10 or $12 million project that we will go ahead and spend that money, and then we will make a determination whether we go any further based on how these prospects develop. If we do stack the rig I expect to be in that -- cold stack the rig to be in that $3,000 to $5,000 range.
Arun Jayaram – Credit Suisse
Okay. I jumped on a little bit later owing to another call, but did you make any comment regarding your thoughts on operating costs in general for 2010 versus '09?
Brian Voegele
I did and we are still going through our budgeting process, and obviously with the stacking of rigs, idling of rigs we would expect cost to be coming down, and we are seeing that here at the beginning of that, at the end of the third quarter and here into the fourth quarter. And so, I haven't really tried to make any guidance -- guide to what we think costs will look like in 2010.
Arun Jayaram – Credit Suisse
And just along that same line, were there any additional costs anticipated for the back half of '09 related to those services or your expenses versus capital items?
Brian Voegele
Not specifically related to that, although I will say, we have got some additional costs that are moving in a different direction. In other words, we are adding cost because of the staffing in the drillships and our preparation of the ultra deepwater drillships. And so, for the fourth quarter '10, as I mentioned in my prepared comments we've got about $5 million of incremental cost.
We are going to see a similar dynamic related to the Clarion, our second drillship into the first and second quarter of next year, we'll begin building cost for that particular unit as well.
Arun Jayaram – Credit Suisse
Okay. And my follow-up will be related to the Petrobras tender regarding the 19 rigs which would be -- it looks like available for the drillers to bid on. Can you give us some, Louis, your broad thoughts on that tender, and perhaps I know that you are reluctant to give a cost estimate, but what kind of inflation do you there would be from, just a general sense versus building rigs in Southeast Asia?
Louis Raspino
Arun, that's way too early to project what that might be. Like everyone, we see the cost of building in Brazil to be much, much higher than cost of building in established shipyards, in Korea for example, and that's why Kevin mentioned in his comments, this might not be economic. We'll take a hard look at it, and we will see if it makes sense, and I think we want to be around the hoop in any event just because we have a strong relationship with Petrobras, and we see where that takes us, but it's going to be, to put it mildly, a challenging experiment for Petrobras and for drilling contractors to see if we can come to some type of meeting of the minds.
Arun Jayaram – Credit Suisse
Fair enough. Thanks a lot.
Your next question comes for Scott Burk from Oppenheimer
Scott Burk – Oppenheimer
Hi, good morning, guys. I was just wondering, actually miss some of the guidance you gave going into the fourth quarter, if you run through guidance on the DD&A, G&A and OpEx cost?
Brian Voegele
Well, I didn't really give any guidance for DD&A, although, I can tell you I don't expected to be significantly higher than what we're working for the third quarter. OpEx, we're expecting to be down about $7 million for the period. Now, that's a combination of lower cost because we're idling rigs and we're demanding those units and we're cold stacking. But some of that improvement is being offset by that the increase in improved cost per ultra deepwater drillship that's being delivered in February. We've got about $5 million of incremental cost and net of all that is about $7 million lower operating cost for the fourth quarter than the third quarter.
Scott Burk – Oppenheimer
Could you also mentioned your G&A expectation for the quarter?
Brian Voegele
G&A, I think we expect to be relatively flat. I mean, we continue to try and make improvements, as I mentioned at the efficiencies that we're focused on. So right now I think our expectation for the fourth quarter that will be flat, although, frankly, I hope that we will be able to take a little more costs out and then we have at this point.
Scott Burk – Oppenheimer
Okay. I wanted to -- last quarter you talked about your willingness to cold stack rigs quickly, but specifically regarding the South Seas, does sound like it's going to be stack, but do you see -- do you have any hope for maybe the later part of 2010 to get direct back to work, when you say idle than definitely how long is definitely?
Brian Voegele
We've made number of proposals for spot wells here there in West Africa but pretty much across the Board. All the operators are waiting to do that work until 2010, so we are going to take the rig down for the rest of this year and hope we get it back to work sometime next year.
Scott Burk – Oppenheimer
So just for modeling purposes should we just go ahead and plan I think down the full year or do you think by the second half it will be up and running again?
Brian Voegele
My recommendation is that you plan on that rig being down for the full year, when we forecast internally that, that's what we're putting in our forecast.
Scott Burk – Oppenheimer
Well, okay.
Brian Voegele
It's a 1,000 foot rig, I think that, it's a 1000 foot market is probably going to be more challenged then yes, difficult. Any other floater market, so yes, we're trying to be conservative when we do our forecasting and that would be my recommendation for you as well.
Scott Burk – Oppenheimer
Okay, and then a follow-up question on the, had a question about the free cash flow going in to 2011 maybe a little bit far out. But it looks like to us you're going to have quite a bit of free cash flow in 2011 as you start winding down investments on your new built. What are your thoughts for using that free cash flow and if you can, look out that far?
Louis Raspino
Yes, our first choice in using free cash flow is profitable to grow the company. We think that's the duty of management, and we are searching for opportunities to do that. Of course, we're always all from having excess cash putting a hole in our pockets since it's all committed to our construction programs right now. But if and when we get to the point where we have more capital, then we can invest profitably then we'll look at ways to return that to shareholders.
Scott Burk – Oppenheimer
Okay. And when you favor kind of purchasing second hand rigs or would you be more likely go and do some additional new buildings?
Louis Raspino
Why you say second hand rigs, there are some new build rigs that are maybe looking for a home, our first preference would be not to add to capacity in worldwide market. And so, we're evaluating opportunities that won't do that, but I don't want to take anything off the table because we try to meet our clients in each profitably in whatever way we can.
Scott Burk – Oppenheimer
Yes. Okay. Thank you very much.
Your next question comes from Monroe Helm from CM Energy Partners.
Monroe Helm – CM Energy Partners
Congratulations on getting the spin done. Just a couple of questions. Can you give us your perspective on what it is going to take through the mid-water market to improve his have to do with the certain level of oil prices or when a situation where -- just too much competition for semis -- or the oil prices in the next 12 or 18 months?
Brian Voegele
Yes, I think the short answer is the economics have to get better and people have to restore their budgets. We had a number of mid-water programs that we just were flat out, canceled or deferred because of the financial crisis.
So, I think when you see people announce for 2010 budgets, they believe they've got a mid-water field that's going to be economic under their forecasted commodity price and the underlying development cost assumptions, that you'll start see some of those programs come back. I think we will see some. The big question now is the price, how many and how fast?
Monroe Helm – CM Energy Partners
Okay. This is a follow-up, can you discuss why you think your jackup were released in Mexico or there is something that -- on those rigs that didn't meet the requirements going forward? And you seem to be a little bit more pessimistic on the outlook for Mexican jackups and some of the other reports had conference calls already, and this is an aside?
Brian Voegele
Pemex is completely out of budget funds for any rig renewals in '09, so any of the jackups expiring that have already had their contractual, allowed extension terms used up, which was the case of Wisconsin and the Tennessee, are going to be let go by Pemex. They won't be able to pick up any new rigs until they get a new budget for 2010.
And I think the reason for my little bit more pessimism versus some of the other guys is just knowing the big change in management and politics and budget strategy down there, or policy I should in say in Mexico. I think there is a lot of uncertainty around how much money they will actually get approved for drilling.
Monroe Helm – CM Energy Partners
Okay. Thank you for your answers.
Next question comes from (inaudible).
Unidentified Analyst
Yes, good morning. I was wondering on Brazil, you mentioned that you would expect a couple of rigs to be moved over there. Is that something you would expect to happen over the next 12 months or do you think that Petrobras will led the answers for the tender that have just been issued?
Kevin Robert
My sense is that there is some few near-term requirements that are driven by our field development projects unrelated to the projects being targeted by this big tender. So, we could see those happen within the next six to nine months. The big wildcard here is the election. The election kicks off in April, and I think we can expect activity level to be very, very non-existent almost in Brazil until the results of the elections are in. So, I think if you don't see them contracted before the election, it will probably be right next year.
Unidentified Analyst
Okay. And then if you look at the ultra deep water fleet, and you look at 2011, I reckon there is 20 plus rigs becoming available in that segment. Do you think that all of these can find work at the current oil price, or do we need to move higher?
Louis Raspino
Look at this why I made my comment that I think that in the short term I think all segments of the market including the deepwater market see a supply-demand imbalance that we need to deal with. And I guess the jury is still out as to how that works its way through. We are going to have some short-term challenges, but we have long-term extreme strength in our minds. So how the uncontracted [ph] capacity makes its way through the short-term challenges to those long-term strengths is yet to be seen. And that's all we could say about right now, we don't have a definitive conclusion here.
Unidentified Analyst
All right. Thanks a lot.
Next question comes from Robin Shoemaker of Citigroup.
Robin Shoemaker – Citigroup
Thank you. Along the similar line, I was interested in Kevin's comment about deepwater rigs, pursuing opportunities to drill in the mid water market, and presumably that would be at a much lower rate. Kevin, were you thinking in terms of conventional deepwater and/or ultra deepwater rigs pursuing opportunities in the mid-water market?
Kevin Robert
Primarily the more, more semis [ph] these 4500 to 6500, but more semis, like we saw with the rig going down to Brazil.
Robin Shoemaker – Citigroup
Right, okay. So the mode, the mode vessels, deepwater mode vessels are the ones with the, that are market challenged I guess in terms of profit?
Kevin Robert
More so, you have in any other sector of the deepwater, that's correct.
Robin Shoemaker – Citigroup
Yes. So does that effect your thinking about how much to invest in the Venezuela and what work prospects and day rate (inaudible) that rig has?
Kevin Robert
Yes it does. I think that's why Brian's comments are really the way we are looking at it. We would like to have a job behind that rig before we to meet any more than what's the minimum needed just to do the class survey and replace some steel that we need to replace.
Robin Shoemaker – Citigroup
Okay. Just one last follow-up on the shipyard projects that you're engaged in, I think you indicated one kind of, went a little over, to state, a lot of time, are you finding that as you do a lot of shipyard work here that there, there is any improvement in the costs or the availability of shipyards, and is there or -- are we still looking at a very tight market where delays and cost overruns are to be expected?
Kevin Robert
Robin, I'll ask Ran to take a shot at answering that.
Ran Stilley
Yes, we are seeing some improvement and that's one of the reasons we are taking our vessels to the Middle East. We looked at the shipyards in the U.S., in Europe and at the South East Asia, and we definitely see some improvement in costs, and we are actively pursing that and keeping an eye on it.
Robin Shoemaker – Citigroup
Okay, thank you.
Next question comes from Ian Macpherson of Simmons & Company.
Ian Macpherson – Simmons & Company
Hi. Brian, first question, can you remind us what you think the minimum costs are going to be associated with Venezuela and the timing of those and similar expenses uncapitalized?
Brian Voegele
The minimum costs that we would incur would be somewhere in the $10 million to $12 million range. That would be the complete repairs to the hull. We've already made some temporary repairs. Those costs would be capitalized, and I would expect those to be incurred in late in the fourth quarter or early in the first quarter.
Ian Macpherson – Simmons & Company
Okay. Separate topic for Kevin. Your outlook for Pemex's jackup demand next year I think was different that what we have heard. Did you say that you expect their jackup account to basically be lower next year than it was this year?
Kevin Robert
Yes, I do. They have already reduced this year, they are on quite a number of rigs with these early releases, and I think there is still a potential that you get -- enough budget money to replace all those rigs. But at this moment with all the struggles they are having, it just seems unlikely that they'll able to get that much money budgeted.
Ian Macpherson – Simmons & Company
Do you think that it goes high -- lower than where the account is today?
Kevin Robert
I don't think so. I think we are going to have, yes, you can look at the schedule of rigs that -- there is a few more they are going to release before the end of the year that are coming up on their termination dates. And then, I think they'll hopefully get their budget money approved quickly as there is a number of rigs due to be up in contract right at the end of the year that they would like to extend, but they can't extend them if they don't get money approved to extend.
Ian Macpherson – Simmons & Company
Got it. Okay. Thanks very much.
Your next question comes from Andres Fitzgerald [ph] of Pareto.
Andres Fitzgerald – Pareto
Hello. You had some comments about the costs, the possible cut down in Brazil, building some of the rigs down there. Do you have any comments about the time to build those rigs compared to the approximately 36 months today in the Singapore and Korean shipyards?
Kevin Robert
Well, I think that's all we can say right now is our forecast is that it would be longer and possibly significantly longer.
Brian Voegele
But Petrobras did say in the tender that once they make the first contract award they are allowing 48 months for delivery, which I think would be longer than you would typically expect, right Ron?
Ron Stilley
Yes, but that again will be a challenge, I think, even 48 months is a challenge to get a rig built in Brazil.
Andres Fitzgerald – Pareto
Okay. Thank you. And I didn't get the CapEx number you were estimating, was it one point due after the fourth quarter or is it after 2009, is that the right number?
Brian Voegele
Yes. We have got heading into fourth quarter, we have $1.6 billion of remaining commitments, and then in the fourth quarter we expect to spend about $275 million. So we are about $1.3 billion by the end of the year.
Andres Fitzgerald – Pareto
Okay, perfect. And my last question is your comments were regarding the midwater, as far as I understand you expected deepwater rigs to enter the midwater market probably in 2010. So, do you see the scenario where the deepwater market need to be leveled out in terms of supply demand before the midwater market or midwater rates or even on the increase at all?
Brian Voegele
What we saw on the last cycle of the midwaters to hold up significantly but very, very tightness of the deepwater markets. So, I think that's the way the market actually works. And on the downside, when a market is softening up you'll see the lower speck in this case more semis as they already have work down and in to the upper regions of the midwater sector. So, I think what we're seeing is a very normal response to the activity levels.
Andres Fitzgerald – Pareto
Okay. So, for example the Pride South Pacific, we could expect that entering the midwater market in the beginning of 2011 if the market is not better then what it is today?
Brian Voegele
Right, it's a job for Noble Energy is in midwater it's in 3600 midwater.
Andres Fitzgerald – Pareto
Exactly. Okay, thanks very much.
Our next question comes from Monroe Helm with CM Energy Partners.
Monroe Helm – CM Energy Partners
This is pretty much -- a question for Lou. In a long run, do you see a scenario or you could, it just appear deepwater player by spinning out your midwater in jackup fleet.
Louis Raspino
That's a good question, I don't know if we would accomplish that by spinout I think in a long run you could see us trying to continue to operate on asset base up and to the right both by adding our quality rigs and longer term by upgrading our existing rig fleet. So, long-term that's something to put on the thinking horizon for sure.
Monroe Helm – CM Energy Partners
Okay, thanks.
Louis Raspino
And at this time there are no further questions.
Jeff Chastain
Okay, Robert, thank you. I'd like to thank everyone for the participating on today's call and remind you that the next call fourth quarter 2009 will be February 18th, 2010. Thank you, Robert for coordinating the call. Good day.
This does conclude today's conference call. Thank you for participation.
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text: "Richard Leo Johnson's style is marked by emotional depth, complexity and hauntingly unfamiliar harmonies. Percussionist Gregg Bendian is the leader of The Mahavishnu Project and Interzone and has performed and recorded with Pat Metheny, Nels Cline, Cecil Taylor, Jan Hammer, Derek Bailey and Zoot Horn Rollo among many others. Johnson and Bendian work with 'junk' percussion, cheap guitars purchased off eBay, field recordings and simple tape effects to make a kaleidoscopic, down-home psychedelic experience. This record is an extension of the music and the story of Vernon McAlister and his influence on the people he encountered, which started on Richard's hugely acclaimed last record, "The Legend of Vernon McAlister"."-Cuneiform

subset: commoncrawl


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Destiny Bradshaw, program manager for the United Way Effingham Center for Working Families, spoke to the Exchange Club about CWF, a non-profit, community-based organization providing services intended to help families.
Two dozen children ages 6-12 have been enjoying fun activities and educational programs this week at "Ebenezer Treasures," the third annual day camp at New Ebenezer Retreat Center.
While thousands of people have responded to the recent emergency call for blood and platelet donations from the American Red Cross, there remains an urgent need for platelet donors, as well as donors with types O negative, B negative and A negative blood. Right now blood products are being distributed to area hospitals almost as quickly as donations are coming in.
The Effingham County High School cheerleaders will host their annual Little Rebel Cheer Camp July 29-Aug. 2 at the ECHS gym from 9 a.m.-12 noon each day.
People in the community are invited to put on their running shoes and support the Treutlen House at New Ebenezer.
A little rain last Friday didn't deter a group of summer campers from having their annual fundraiser.
When tornadoes hit Oklahoma recently, Living Faith Church in Guyton took action. The church at 3789 Noel C. Conaway Road is hosting a family-friendly corn hole tournament Saturday, with nearly all of the day's proceeds benefitting the tornado victims. "It hits close to home," said organizer Crystal Basdeo. "I've been that parent who had less than five minutes to get four kids downstairs before a tornado hit in Kansas City. My heart hurts for everyone who ...
Karima Burdette's husband Roger suggested she enter the Mrs. Georgia Pageant this year. It turns out he had a really good idea. "He thought that I would be good at it," Burdette said. "He knew that I liked pageants, but he had no idea that it was a big dream of mine since I was a little girl." However, competing in her first pageant far exceeded Burdette's dreams. She finished as first runner-up in the Mrs. ...
The Savannah-Chatham Metropolitan Police Department Marine Patrol Unit will conduct a boater safety class July 20 at the Savannah Mall metro training center.
Megan Johnson has competed in "about 20" pageants, and won a few, but she didn't expect to win her age division at the 2013 National American Miss Georgia pageant.
Ashia K. Miller, of South Effingham High School and a 2012 Florida State University graduate, competed in a Miss Georgia USA preliminary pageant last weekend in Adel.
St. Luke's Episcopal Church in Rincon hosted its first community yard sale Saturday. As a community project, St. Luke's will host the community yard sale on the second Saturday of each month from 7 a.m.-1 p.m. Vendors can set up a table at no charge, sell their items and keep the money for their church or organization. For more information, visit www.stlukesrincon.com.
The Farm Service Agency office in Sylvania, working with USDA FSA customers in Effingham County, will hold a committee election procedure workshop, focused on reaching interested individuals within Effingham County. This workshop will be held July 24 at 9 a.m. in the FSA office at the Screven County Courthouse, 216 Mims Road, Room 113, Sylvania.
New Ebenezer Retreat and Conference Center, located between Springfield and Rincon, will hold its third annual day camp, "Ebenezer TREASURES!", on July 22-26 from 8:30 a.m.-4 p.m.
The American Red Cross issued an emergency request for platelet and blood donors of all blood types to roll up a sleeve and give because fewer donations than expected were received in June and the first week of July.
As an orthopaedic surgeon, Mark Mudano made a fitting song choice of "Walk This Way" for his Effingham Dancing with the Stars routine.
Local artist Tom Barnes of Tom Barnes Fine Art in Guyton spoke recently to the Effingham Sunrise Rotary Club in Guyton.
WTOC-TV anchor Sonny Dixon spoke to the Exchange Club at its meeting celebrating its 25-year anniversary in Effingham.
Effingham County Schools made a big donation - about a 15,000-pound one - to help Family Promise of Effingham County get rolling.
The United Way of Effingham County is on its way toward reaching its 2013 fundraising goal.
One of the favorite local events at this time of year is Rincon's annual scarecrow contest, and the city has now made participating in it easier.
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Is it just me or does rachel look like she is taking it up the butt? Why oh why did facebook choose this image for the "Which Glee character are you add on the side of my fb?
Is it just me or does rachel look like she is taking it up the butt? Why oh why did facebook choose this image for the "Which Glee character are you add on the side of my fb?
Looks like someone took a long look at David Carouso's career path and said nope that's not for me can I come homeMulti-Episode Arc Begins this December
GLEE Returns with All-New Episodes Tuesday, November 1, on FOX
Chord Overstreet will return to GLEEs McKinley High as underdog Sam Evans for a multi-episode arc beginning this December on FOX.
We love Chord and have always said that we wanted him back, said Ryan Murphy, executive producer and co-creator of GLEE. So here's an early Christmas present for all the GleeksSam is coming back to McKinley, and just in time for sectionals!
"I had the best time on GLEE and couldn't be more excited to be returning, Overstreet added.
Overstreets character was introduced last season as a transfer student at McKinley, discovered by then-football captain Finn Hudson (Corey Monteith) while singing Poisons Every Rose Has Its Thorn in the locker room. Later in the season, Sam revealed that his dad had lost his job, and that his family was living in a motel. In Season Threes premiere, viewers learned that Sam and his family had moved out of state.
GLEE returns with all-new episodes beginning Tuesday, Nov. 1 (8:00-9:01 PM ET/PT) on FOX. In the Pot O Gold episode, new foreign exchange student Rory Flanagan (guest star Damian McGinty) enrolls at McKinley and crashes with Brittany S. Pierce (Heather Morris), who thinks hes a leprechaun. Meanwhile, Mercedes (Amber Riley) attempts to recruit new members to join Shelby Corcorans (guest star Idina Menzel) newly formed glee club; and Sues congressional campaign heats up
Jesse St. James is coming back as spoilers:end of spoilers
Vocal Adrenaline, New Direction's rival.
In search of Claire...or Libby Hoeler :D
"What is illness to the body of a knight-errant? What matter wounds? For each time he falls, he shall rise again, and woe to the wicked.
Ya know, it's actually kinda sad that Jessie is just a coach. Usually it takes years of failing to make it big before you give up on your dreams and choose to siimply become a performing teacher.
Jessie basically is transitioning from high school towards teacher almost right out of the gate.
I did not know they hired high school graduates without a college degree as teachers?
I don't think Jesse made it to the second year of College. He flunked out for not going to his classes.
I don't think you need a teaching degree just to coach an extra-curricular school club. With the amount of pull and money the school supporters seem to have (bribing Sunshine to move over to their school with a condo and a green card for her mother and giving new cars to all the members) paying a former star and winner of the national choir contest to coach their team doesn't sound too out of line. He's probably being paid enough to go to school or concentrate on his Broadway career without having to work to put off his dreams for a year.
In search of Claire...or Libby Hoeler :D
"What is illness to the body of a knight-errant? What matter wounds? For each time he falls, he shall rise again, and woe to the wicked.
I loved last night's episode. I really want to see where the Puck plot is going and I love the new choir and the new character (loving all of the Glee Project appearances so far).
Oh Shelby, what are you doing. I mean there had to be a reason that she would eventually skip town so the two clubs get remerged, who knew that cradle robbing would be that reason.
Rory is a fun character. He's got a crazy good voice, but I was surprised at the fact that actually did a good job with the acting.
It was nice to see Finn get a few moments this episode; he's kind of been pushed to the background for most of the eps prior to this.
I still can't stand Mercedes, and to be honest, I found Santanna more annoying than fun this episode.
How can Shelby's group participate in regionals? Wasn't there a whole plot point in season one that you needed at least 12 members to constitute a team?
Isn't Puck a senior this season? He's probably 18 at least. Personally I thought they were going to go there with Finn and Mrs Shuster in season one.
They did have a couple of good songs. I wasn't impressed with the Lebrechan's song but I liked Candy Man and Last Friday Night.
I'm glad they are finally giving Mike O'Mally something to do. I liked that the parents were unsure if Finn was gonna be able to go to college. "Uh you can help out at the garage. We need someone to run it while I am off in Washington.


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Chronic daily headaches
By Mayo Clinic staffOriginal Article: http://www.mayoclinic.com/health/chronic-daily-headaches/DS00646
Most people have headaches from time to time. But if you have a headache more days than not, you may be experiencing a variety of head pain known as chronic daily headaches.
The incessant nature of chronic daily headaches makes them among the most disabling headaches. Aggressive initial treatment and steady, long-term management may reduce pain and lead to fewer chronic daily headaches.
By definition, chronic daily headaches must occur 15 days or more a month, for at least three months. And to be considered true (primary) chronic daily headaches, they must also not be the result of another condition.
Chronic daily headaches are classified by how long they last — more than four hours or less than four hours. The longer lasting headaches are more common and addressed here. They're divided into four types:
- Chronic migraine
- Chronic tension-type headache
- New daily persistent headache
- Hemicrania continua
Chronic migraine
These headaches evolve from episodic migraine without aura. To be diagnosed with chronic migraine, you must have headaches — migraine, tension-type or both — 15 days or more a month, for at least three months. In addition, on eight or more days a month for at least three months, you must experience the following symptoms.
Your headaches have at least two of the following characteristics:
- Affect only one side of your head
- Cause a pulsating, throbbing sensation
- Cause moderate to severe pain
- Are aggravated by routine physical activity
And they cause at least one of the following:
- Nausea, vomiting or both
- Sensitivity to light and sound
Alternatively, if your headaches respond to triptan medications or ergot medications taken in anticipation of these symptoms — on eight or more days a month, for at least three months — they're also considered chronic migraines.
Chronic tension-type headache
These headaches evolve from episodic tension-type headaches. They may last hours or be constant.
Chronic tension-type headaches have at least two of the following characteristics:
- Hurt on both sides of your head
- Cause mild to moderate pain
- Cause pain that feels pressing or tightening, but not pulsating
- Aren't aggravated by routine physical activity
In addition, they cause no more than one of the following:
- Sensitivity to light or sound
- Nausea (mild only)
New daily persistent headache
These headaches become constant within a few days of the moment you have your first headache.
New daily persistent headaches have at least two of the following characteristics:
- Hurt on both sides of your head
- Cause pain that feels like pressing or tightening, but not pulsating
- Cause mild to moderate pain
- Aren't aggravated by routine physical activity
In addition, they cause no more than one of the following:
- Sensitivity to light or sound
- Nausea (mild only)
Hemicrania continua
These headaches cause pain on only one side of your head that doesn't shift sides. They also:
- Are daily and continuous with no pain-free periods
- Cause moderate pain but with spikes of severe pain
- Respond to the prescription pain reliever indomethacin (Indocin)
- May sometimes become severe with development of migraine-like symptoms
In addition, hemicrania continua headaches cause at least one of the following:
- Tearing or redness of the eye on the affected side
- Nasal congestion or runny nose
- Drooping of the eyelid or constriction of the pupil
When to see a doctor
Occasional headaches are common. But it's important to take headaches seriously. Consult your doctor if:
- You usually have two or more headaches a week.
- You take a pain reliever for your headaches every day or almost every day.
- You need more than the recommended dose of over-the-counter pain remedies to relieve your headaches.
- Your headache pattern changes.
- Your headaches are getting worse.
Seek prompt medical care if your headache:
- Is sudden and severe
- Accompanies a fever, stiff neck, confusion, seizure, double vision, weakness, numbness or difficulty speaking
- Follows a head injury
- Gets worse despite rest and pain medication
The causes of many chronic daily headaches aren't well understood. True (primary) chronic daily headaches don't have an identifiable underlying cause. Some possible factors may include:
- You've developed a heightened response to pain signals.
- The part of your brain that suppresses pain signals isn't working properly.
Other frequent headaches may be caused by various underlying diseases or conditions, including:
- Inflammation or other problems with the blood vessels in and around the brain, including stroke
- Infections, such as meningitis
- Intracranial pressure that's either too high or too low
- Brain tumor
- Traumatic brain injury
Many people who have frequent headaches are actually experiencing a rebound effect from taking pain medication too often. If you're taking pain medications — even over-the-counter analgesics — more than three days a week (or nine days a month), you're at risk of developing rebound headaches.
Risk factors
Various factors are associated with developing frequent headaches, including:
- Anxiety
- Depression
- Sleep disturbances
- Obesity
- Snoring
- Overuse of caffeine
- Overuse of pain medication
- Regular use of physical postures that put a strain on your head or neck
If you have chronic daily headaches, you're also more likely to experience depression, anxiety, sleep disturbances, and other psychological and physical problems.
Preparing for your appointment
You're likely to start by first seeing your family doctor or a general practitioner. However, in some cases when you call to set up an appointment, you may be referred to a headache specialist.
Because appointments can be brief, and because there's often a lot of ground to cover, it's a good idea to be well prepared for your appointment. Here's some information to help you get ready for your appointment, and know what to expect.
What you can do
- Be aware of any pre-appointment restrictions. At the time you make the appointment, be sure to ask if there's anything you need to do in advance, such as restrict your diet.
- Keep a headache journal, which should include when each headache occurred, how long it lasted, how intense it was, what you were doing immediately before the headache started, and anything else that was notable about the headache.
- Write down any symptoms you're experiencing, including any that may seem unrelated to the reason for which you scheduled the appointment.
- Write down key personal information, including any major stresses or recent life changes.
- Make a list of all medications, vitamins or supplements that you're taking.
- Take a family member or friend along, if possible. Someone who accompanies you may remember something that you missed or forgot.
- Write down questions to ask your doctor.
Your time with your doctor is limited, so preparing a list of questions will help you make the most of your time together. List your questions from most important to least important in case time runs out. For chronic headaches, some basic questions to ask your doctor include:
- What is likely causing my headaches?
- Are there other possible causes for my headaches?
- What kinds of tests do I need?
- Is my condition likely temporary or chronic?
- What is the best course of action?
- What are the alternatives to the primary approach that you're suggesting?
- I have these other health conditions. How can I best manage them together?
- Are there any restrictions that I need to follow?
- Should I see a specialist? What will that cost, and will my insurance cover seeing a specialist?
- Is there a generic alternative to the medicine you're prescribing me?
- Are there any brochures or other printed materials that I can take home with me? What websites do you recommend?
In addition to the questions that you've prepared to ask your doctor, don't hesitate to ask questions during your appointment.
What to expect from your doctor
Your doctor is likely to ask you a number of questions. Being ready to answer them may reserve time to go over any points you want to spend more time on. Your doctor may ask:
- When did you first begin experiencing headaches?
- Have your headaches been continuous or occasional?
- How severe are your headaches?
- What, if anything, seems to improve your headaches?
- What, if anything, appears to worsen your headaches?
What you can do in the meantime
There are some things you can do before seeing your doctor to try to improve your headache pain:
- Avoid activities that you know make your headaches worse.
- Try over-the-counter pain-relief medications — such as naproxen (Aleve) and ibuprofen (Advil, Motrin, others). Don't take these more than three times a week, because that may make your headaches worse.
Tests and diagnosis
Your doctor will probably do a physical exam to check for signs of illness, infection or neurological problems. If the cause of your headaches remains uncertain, you may need blood or urine tests to identify any underlying medical conditions. Sometimes imaging studies — such as a computerized tomography (CT) scan or magnetic resonance imaging (MRI) scan — are recommended. An electroencephalogram (EEG) can also help diagnose brain tumors, injury or inflammation.
Treatments and drugs
Treatment for any underlying diseases or conditions often stops frequent headaches. When no underlying diseases or conditions are present, treatment focuses on preventing the pain before it starts.
Specific prevention strategies vary, depending on which type of headache you have and whether medication overuse is contributing to these headaches. If you're taking pain relievers more than three days a week, the first step in treatment may be to stop using these drugs. When you're ready to begin preventive therapy, your doctor may recommend:
- Antidepressants. Tricyclic antidepressants — such as nortriptyline (Pamelor, Aventyl Hydrochloride) — can be used to treat chronic headaches. These medications can also help treat the depression, anxiety and sleep disturbances that often accompany chronic daily headaches. Other antidepressants, such as the selective serotonin reuptake inhibitor (SSRI) fluoxetine (Prozac, Sarafem), may be helpful for treatment of depression and anxiety, too.
- Beta blockers. These drugs, commonly used to treat high blood pressure, are also a mainstay for preventing episodic migraines. Some beta blockers include atenolol (Tenormin), metoprolol (Lopressor, Toprol-XL) and propranolol (Inderal, Innopran XL). Sometimes beta blockers are prescribed in combination with antidepressants, and this combination is sometimes more effective than either medication on its own.
- Anti-seizure medications. Some anti-seizure drugs seem to prevent migraines. These medications may be used to prevent chronic daily headaches as well. Options may include gabapentin (Neurontin, Gralise), topiramate (Topamax) and divalproex sodium (Depakote).
- NSAIDs. Prescription nonsteroidal anti-inflammatory drugs — such as naproxen (Anaprox, Naprosyn, Naprelan) — may be helpful, especially if you're going through withdrawal from other pain relievers. They may also be used periodically when the headache is more severe.
- Botulinum toxin. Botulinum toxin type A (Botox) injections provide relief for some people and may especially be a viable option for people who don't tolerate daily medication well.
Unfortunately, some chronic daily headaches remain resistant to all medications.
Alternative medicine
For many people, complementary or alternative therapies offer welcome relief from headache pain. It's important to be cautious, however. Not all complementary or alternative therapies have been studied as headache treatments, and others need further research.
- Acupuncture. This ancient technique uses hair-thin needles inserted into several areas of your skin at defined points. Studies have shown that acupuncture helps reduce the frequency and intensity of chronic headaches.
- Biofeedback. Biofeedback may be beneficial in treating headaches. In biofeedback, you can learn to control headaches by becoming more aware of and then changing certain bodily responses such as muscle tension, heart rate and skin temperature.
- Meditation. Practicing meditation can help you relax physically and remain calm mentally. The practice creates a deeply restful state in which your breathing slows and your muscles relax — which can help you manage pain and reduce stress.
- Massage. Massage can reduce stress, relieve pain and promote relaxation. Although its value as a headache treatment hasn't been determined, massage may be particularly helpful if you have tight, tender muscles in the back of your head, neck and shoulders.
- Herbs, vitamins and minerals. Some evidence exists that the herbs feverfew and butterbur may prevent migraines or reduce their severity. A high dose of riboflavin (vitamin B-2) also may prevent migraines by correcting tiny deficiencies in brain cells. Coenzyme Q10 supplements may be helpful in some individuals. And oral magnesium sulfate supplements may reduce the frequency of headaches in some people, although studies don't all agree. Ask your doctor if these treatments are right for you. Don't use riboflavin (vitamin B-2), feverfew or butterbur if you're pregnant.
- Electrical stimulation of the occipital nerve. A small battery-powered electrode is surgically implanted near the occipital nerve, which is at the base of your neck. The electrode sends continuous energy pulses to the nerve to ease pain. This approach is investigational and has shown some good results but is not a standard therapy.
If you'd like to try a complementary or alternative therapy, discuss the risks and benefits with your doctor.
Coping and support
Chronic daily headaches can interfere with your job, your relationships and your quality of life. But you can cope with the challenges.
- Take control. Commit yourself to living a full, satisfying life. Work with your doctor to develop a treatment plan that works for you. Take good care of yourself. Do things that lift your spirits. Set aside time for your loved ones — and yourself — every day.
- Seek understanding. Don't expect friends and loved ones to instinctively know what's best for you. Ask for what you need, whether it's time alone or less attention focused on your headaches.
- Check out support groups. You may find it useful to talk to other people who experience painful headaches. Try finding a support group in your area to learn how other people cope with their headache pain and discomfort.
- Consider counseling. A counselor or therapist offers much needed support and can help you manage stress. Your therapist can also help you understand the psychological effects of your headache pain.
Taking good care of yourself can help prevent chronic daily headaches.
- Avoid headache triggers. If you're not sure what triggers your headaches, keep a headache diary. Include details about every headache. When did it start? What were you doing at the time? What did you eat that day? How did you sleep the night before? What was your stress level? How long did the headache last? What, if anything, provided relief? Eventually, you may begin to see a pattern — and be able to take steps to prevent future headaches.
- Avoid medication overuse. Taking headache medications, including over-the-counter medications, more than twice a week can actually increase the severity and frequency of your headaches. If you are taking medication too often, it is important to consult your doctor about how best to wean yourself off the medication because there can be serious side effects if done improperly.
- Get enough sleep. The average adult needs seven to eight hours of sleep a night. It's best to go to bed and wake up at regular times, as well.
- Don't skip meals. Start your day with a healthy breakfast. Eat lunch and dinner at about the same time every day. Avoid any food or drinks, such as those containing caffeine, that seem to trigger headaches.
- Exercise regularly. Regular aerobic physical activity can improve your physical and mental well-being. Exercise also helps reduce stress. With your doctor's OK, choose activities you enjoy — such as walking, swimming or cycling. To avoid injury, start slowly.
- Reduce stress. Stress is a common trigger of chronic headaches. Get organized. Simplify your schedule. Plan ahead. Stay positive. Most headaches caused by stress end when the period of stress is over.
- Relax. Try yoga, meditation or relaxation exercises. Set aside time to slow down. Listen to music, read a book or take a hot bath.
- Reduce your caffeine. While some headache medications include caffeine because it can be beneficial in reducing headache pain, it can also aggravate headaches. Try to minimize, or better yet, eliminate caffeine from your diet.
- Halker RB, et al. Chronic daily headache: An evidence-based and systematic approach to a challenging problem. Neurology. 2011;76:S37.
- Chronic daily headache and chronic migraine. American Headache Society. http://www.americanheadachesociety.org/assets/1/7/NAP_for_Web_-_CDH___Chronic_Migraine.pdf. Accessed Dec. 3, 2011.
- Chronic daily headache. National Headache Foundation. http://www.headaches.org/education/Headache_Topic_Sheets/Chronic_Daily_Headache. Accessed Dec. 3, 2011.
- Boes CJ, et al. Headache and other craniofacial pain. In: Bradley WG, et al. Neurology in Clinical Practice. 5th ed. Philadelphia, Pa.: Butterworth-Heinemann Elsevier; 2008. http://www.mdconsult.com/books/page.do?eid=4-u1.0-B978-0-7506-7525-3..50111-4&isbn=978-0-7506-7525-3&sid=1244789901&uniqId=307655043-3#4-u1.0-B978-0-7506-7525-3..50111-4--cesec76. Accessed Dec. 3, 2011.
- IHS Classification ICHD-II: Chronic tension-type headache. International Headache Society. http://ihs-classification.org/en/02_klassifikation/02_teil1/02.03.00_tension.html. Accessed Dec. 2, 2011.
- IHS Classification ICHD-II: New daily persistent headache (NDPH). International Headache Society. http://ihs-classification.org/en/02_klassifikation/02_teil1/04.08.00_other.html. Accessed Dec. 2, 2011.
- IHS Classification ICHD-II: Hemicrania continua. International Headache Society. http://ihs-classification.org/en/02_klassifikation/02_teil1/04.07.00_other.html. Accessed Dec. 2, 2011.
- Headache: Hope through research. National Institute of Neurological Disorders and Stroke. http://www.ninds.nih.gov/disorders/headache/detail_headache.htm. Accessed Dec. 2, 2011.
- Goadsby PJ, et al. Headache. In: Longo DL, et al. Harrison's Online. 18th ed. New York, N.Y.: The McGraw-Hill Companies; 2012. http://www.accessmedicine.com/content.aspx?aID=9094791. Accessed Dec. 1, 2011.
- Bigal ME, et al. Obesity and chronic daily headache. Current Pain and Headache Report. Published online Nov. 11, 2011.
- Ahmed K, et al. Experience with botulinum toxin type A in medically intractable pediatric chronic daily headache. Pediatric Neurology. 2010;43:316.
- Headaches and CAM. National Center for Complementary and Alternative Medicine. http://nccam.nih.gov/health/pain/headachefacts.htm. Accessed Dec. 3, 2011.
- Meditation: An introduction. National Center for Complementary and Alternative Medicine. http://nccam.nih.gov/health/meditation/overview.htm. Accessed Dec. 3, 2011.
- Vargas BB, et al. The face of chronic migraine: Epidemiology, demographics and treatment strategies. Neurology Clinics. 2009;27:467.
- Rains J. Sleep disorders and headache. American Headache Society. http://www.achenet.org/resources/sleep_disorders_and_headache/. Accessed Dec. 2, 2011.
- Swanson JW (expert opinion). Mayo Clinic, Rochester, Minn. Dec. 10, 2011.


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Why parents pay more to be near a top school (From Sutton Guardian)
Contact us: Got a photo? Text SLPICS to 80360, click to upload your story or call 020 8722 6355
Why parents pay more to be near a top school
2:50pm Thursday 12th April 2012
Parents looking to secure a place for their child at one of the nation's top primary state schools are willing to pay on average 42 per cent more to live close by, according to new analysis from prime property website PrimeLocation.
The study, which looked at asking prices in the vicinity of the top 100 state primary schools across England, compiled from a Department for Education league table, reveals how homes in these areas command an average price of £309,732 that's £91,618 (42 per cent) higher than the UK average of £218,114.
PrimeLocation's analysis also reveals that rental prices in these areas are nine per cent higher than the national average, with landlords benefiting from parents keen to rent a property within their desired catchment area without having to relocate completely.
Asking prices in areas close to top ranked primary schools in London, where property costs more than the UK average, attracted the smallest premiums, with prices 7.4 per cent higher.
To see a list of the top 30 primary schools ranked by the difference between local asking prices and the regional average, please see: www.primelocation.com/ articles/primary-schools-list Nigel Lewis, property analyst at PrimeLocation, said: "It's no surprise that parents are investing considerable amounts of money choosing a home that gives their child access to the best school possible.
"This demand has led to higher than average asking prices for homes in the most sought-after neighbourhoods, pricing many parents out of the area altogether.
"While asking prices in the capital are on average higher than the rest of the UK, it has the lowest primary school premium in the country.
"This could be because external influences on house prices here are much stronger and high population density means there's more competition for homes in London, even without the lure of living near a top primary school."
The research also found that living near a top primary school adds more to the value of a property than living near one of the UK's top-performing secondary schools.
Analysis conducted by PrimeLocation revealed that living near one of the 50 best secondary schools in the UK adds an extra £77,000 to the value of a home – £14,000 less than living near one of the nation's top primary schools.
Nigel Lewis concluded: "The primary school a child goes to can have a significant impact on their subsequent education and with competition for places in the UK's top secondary schools becoming more intense, parents are going to greater lengths to ensure that their child is not left behind. This has led to greater demand for homes close to the country's top primary schools."
Wendy Evans-Scott, president of the National Association of Estate Agents and branch manager at Hamptons International in Epsom, said: "In my experience, the two most important considerations in moving home are proximity to schools and transport. I agree with Nigel Lewis, on both a professional level and as a parent myself, that it is of paramount importance to give your child the best possible start in their education as this shapes the rest of their life.
"Also, many children need to pass entrance exams to gain entry to their chosen junior and secondary schools.
"One of the main factors attracting families to Epsom are the superb schools, and as catchment areas are reducing annually, the demand and competition for family homes as close as possible to a good school is steadily increasing, which has a significant impact on prices.
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The skills and knowledge you develop studying sociology often focus on the human activities and relationships that connect individuals, groups and institutions, and relate to a wide variety of careers...
Jobs directly related to your degree include:
Jobs where your degree would be useful include:
Remember that many employers accept applications from graduates with any degree subject, so don't restrict your thinking to the jobs listed here. To find out what jobs would suit you, login to My Prospects.
Practical skills and work experience may be required depending on the career you choose. For some posts, a postgraduate qualification is needed.
Part-time and voluntary opportunities can be combined with your course or job in order to gain experience. These include opportunities in schools, community education and social work departments or with groups including young people, victims of crime or homeless people.
Have a look at the British Sociological Association and think about the group or environment you are interested in. Narrowing down your preferences allows you to focus your approach to specific employers.
Securing work after your degree with a relevant employer in a temporary post or in an introductory role is worth considering in the short term in order to gain experience and knowledge of the job. It could also open up vacancies that are only advertised to existing staff.
Search for placements and find out more about work experience and internships.
While many sociology graduates enter work in the public sector in a social or welfare role, others go into a variety of jobs throughout the public and private sector. Some employers include local and central government, industry, commerce, the NHS, education authorities, further and higher education, and charitable, counselling and voluntary organisations.
Opportunities also exist in the Civil Service and graduate management training schemes. Sociology graduates work with a varied and diverse client group.
Find information on employers in teaching and education, public sector, health and social care and other job sectors.
Skills gained as a sociology graduate include:
For students considering further study, there are generally two types. For some careers areas, it is necessary to undertake a vocational postgraduate qualification. Examples include teaching, social work, law, housing, counselling, community education, information management, careers guidance and human resource management.
However, for those who wish to continue to study sociology or related subjects, e.g. social policy or social research, it is also possible to study for a Masters degree (either via a taught course or a research programme) with the possibility of then studying towards a PhD.
For more information on study interests and to find a course that interests you, see postgraduate study in the UK and search courses and research.
Six months after graduation, 62% of sociology graduates are in employment in the UK with a further 8% combining work and further study. These graduates enter a wide variety of jobs. Around 8% are in social and welfare professions and about 10% in public and private sector management.
More than a fifth of sociology graduates are in uncategorised occupations, which could include working in not-for-profit organisations, project-based work and those using employment as a 'stepping stone' to gain experience. There are also relatively high numbers working in clerical and secretarial positions (12%) and retail, catering and bar work (25%). 12% are in further study.
Destinations | Percentage |
Employed | 61.9% |
Further study | 12.4% |
Working and studying | 7.7% |
Unemployed | 8.9% |
Other | 9.1% |
Percentage | |
Retail, catering and bar work | 24.5% |
Clerical and secretarial | 12.2% |
Commercial and public management | 9.7% |
Social and welfare | 7.7% |
Other | 45.9% |
For a detailed breakdown of what sociology graduates are doing six months after graduation, see What Do Graduates Do?
Graduate destinations data from the Higher Education Statistics Agency.
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