Valuation Valuation is what it would cost to replace the equipment. What is it worth when it is located in a market that does not provide the opportunity to employ the equipment? Who would want to buy out the company when it is not profiable and market conditions do not indicate much improvement? EEN s in the same situation. Our only hope is that the local market improves rig utilization and brings the company into a reliably profitable condition or (fat chance) a buy-out comes about. I expect a long term hold on this stock.