Comments - TDOnly real basket case left now are the two triple rigs in Libya. Shame they can't get them out of this country as they probably represent replacement value of $21 million (using an old First Energy report). Comments from TD below. They still estimate equity value at $0.10 per share but seem to be more positive on the Mexican & US directional business as their outlook states...
With continued strength in U.S. rig count, we believe that Calmena’s core
business (Directional Drilling) in that region should benefit and post
continued strength in operations and results.
The company’s rigs in Mexico are likely in more demand than they were two months ago, and we would expect that either the rigs will go back to work and boost EBITDAS estimates
or the assets will be sold, but likely sold for the value of cash flow and close
to replacement cost rather than at the quasi-distressed multiples seen in recent
transactions.