Potential11 Apr 2016 09:50
Yours truly got into these just before it shot up a couple of years ago and now sitting on a loss, but this is one that have kept instead of taking the hit as it is just a matter of time before we get the payment for the rig and maybe a new order. Also, the rig yard has potential to take on overhauls and recertification work in addition to new builds and I am surprised that they haven't developed this avenue. As/when the oil sector picks up there may be a few rigs that will need re-commissioning after sitting around for several months/year doing nowt. Just musing but it is a possibility. News around the corner re final sign off on the jack-up an then maybe the second order confirmation--that so far as I recall was never officially cancelled, just put on hold. Last spike was rather dramatic, hopefully this time we will have to manage with just 20% a day :).