Transocean didnt sue last year because if they won judgement (after paying legal fees of circa $5-10m) NXS couldn't pay the judgement anyway as everything they own was used to secure debt. The recent capital raising changes that somewhat - Trans are not leveraging for work. At the time that this all blew up I estimated that the worst case scenario for NXS was about $40m based on the publicly known mitigation efforts that Trans had taken to seek new work for the rig and that was assuming every statement of claim went against NXS in court. Trans position was that they had a valid contract and NXS were not in a position to honour the $180m contract starting a few months down the track because they had no funds - so Trans sought to mitigate the losses by seeking new work. Clearly history shows that Trans were correct in their assessment, I have no legal basis to determine the validity of NXS claims. Good Luck NXS - hope you win anyway
NXS Price at posting:
32.0¢ Sentiment: Hold Disclosure: Not Held
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