RE: RE: NEWS - important part i think I agree with you rapid_value..... however I think the commentary you attached is not current. The end of Q3 has arrived and TID has not to my knowledge got the three refurbished rigs contracted. I would imagine as soon as one of the six available is contracted, the company would announce it as these six idle rigs is the main reason why the share price is tanking. I agree that the market cap is only $70 million and the EV a mere $290. The company is $220 million in debt not $161 million as the write up indicates.
As I indicated before, the challenge for TID right now is contracting the fifteen percent of their rigs that are idle.
Just watch the share price soar when/if they management gets these contracted for going day rates. Even half of them would do the trick.
TID cannot afford to lose more contracts without immediate re-deployment.
HRT did them a very great disservice. Very bad timing, but they will prevail and get the debt paid down to a decent level such that it becomes non issue and then the stock will trade for at least tangible book value of over $1.
Mark my words on the share price as soon as they begin to announce re-deployments of idle rigs.
I hope they get some of these contracted ASAP to shut the mouths of the naysayers nice and tight.