RE:RE:RE:RE:RE:New Press Release - High Arctic to Announce 2023 Fourth Quarter and Full Year ResultsI am not sure what will happen with the rig contracts. Seemingly in the years to come there is more than just PNG LNG where the rigs could be active.
IAS 36 requires companies to evaluate impairment by comparing the carrying value to the recoverable amount. The recoverable amount is determine either through (a) the value in use as measured by associated cash flow; or (b) fair value less costs to sell.
Unless there is absolutely no resale market value for these drills, it would be hard to imagine this being written down to zero!
Everyone is rightfully distrustful of the Board and Management and that is not a good situation.
LR