CEO and BRAZIL As I said, I contacted the company last week. The CEO was fairly direct in that the demand has really picked up.... not enough rigs. Brazil is going to be huge for them as Petrobras has moved 99% of their budget off-shore (the big but very expensive PRE-SALT discovery offshore Brazil) and have turned over onshore development to foreign E&Ps vis the recent land sale...Several of these foreign E&P (i.e. GTE) have already been or are currently customers of TID.
This is why TID was very positive about BRAZIL in late March 2013 saying:
"As we move towards the end of our first quarter of 2013, our rig utilization is improving with 2 idled rigs in Africa currently awarded to LOI's and 4 idled rigs in Colombia either awarded LOI's or in the final stages of contract negotiation. We would expect these new opportunities to be under contract and working no later than end of Q2. Prospects for two additional rigs to be under contract by the beginning of Q4 remain very strong, including the opportunity of at least one of our Brazilian Heliportable rigs".
Btw, TID is FULLY contracted now in AFRICA and COLOMBIA.