nxs book value, page-7

No one knows the current Nexus liability and potential for Sedco - except Nexus and its bankers ( who forced a capital raising) and maybe people who have been through Crux data room.

One question : Why would Sedco run the risk of getting screwed by someone else with their rig on ice in Singapore, ( before Conoco contract) unless they genuinely believed Nexus couldn't pay the bills or would default! Nexus it would seem - given forced capital raising doesn't have the current funds to pay for the full committed Crux well program ie 7 wells x US 40-50m each estimated? Maybe someone else has a better understanding - Also why was it that the disclosure was made until the prospectus of the potential liability if it wasn't a risk they wouldn't have disclosed it, and if it was why wasn't it mentioned before the prospectus was lodged. The Annual Accounts and Notes might explain it more thoroughly - depedns on their auditors etc.