Damned if you do: Supply “competitors”, we’ll have to agree to...

Damned if you do: Supply “competitors”, we’ll have to agree to disagree about how much competition is a factor here. Bearing in mind BLY is a global company with ~80% of operations ex-AU and the profile of buyers would be smaller market participants in an already over-supplied local market.

Damned if you don’t: Keep paying storage costs, keep paying maintenance costs, keep impairing the asset every accounting period on rigs that aren’t likely to spin in the foreseeable future. Kicker is, when and old unused rig does get a contract to spin, the up fit costs to mobilise and meet current safety standards are costly too.

But hey at least utilisation will be up….