RE:ValuationMike says even without rig 103 they are generating cash to partially cover fixed costs. If you think something should trade below cash because they aren't currently cash flow positive, you aren't realistic. I can list countless companies not earning money, or bleeding significant money, trading above cash. Even companies with significant debt. The list of such companies is endless so it's silly to provide an example, but Ascot resources has a huge deficit of current liabilities against current assets, is losing significant money, has signifnicant debt, yet has a >$400 million market cap and is up almost 20% currently.