i dont like the lack of domestic If this was 50 50 domestic vs international Id like ths name but if you read the press releases these guys announce as many contract breaches or terminations than actual contracts. Thats the problem when ur solely focused in banana republic nations where contracts are broken and sentiments change way too frequently. There is no honour in contracts in these nations. Thats what people are getting sick of, weeding thru the notes of contract terminations, arbitrations , rig demobilizing and transport costs etc.
Too much exposure to Colombia. Trinidad is an awful place to do business. I think these guys who did well in the past with North American companies that outperformed are lacking in the expertise to go international with a good order book with good clientele. Even mighty Precsion Drill only has about 6 rigs operating internationally.
I prefer Calmena because it has alot of operations in North America, with more exposure to Brazil and the Middle East. Also the big wigs there have stronger international credentials. The mgmt team looks good here but they have not executed because they dont have the street cred in these tough international markets.