Thanks, makes the whole scenario even cloudier. Rather than...

Thanks, makes the whole scenario even cloudier.
Rather than buying the whole fleet of Nitro (and Tom Browne!), surely it would have been more prudent to wait for the liquidator to go to auction and bid on only what they need? Bizarre. I guess they jumped the gun for fear of missing out. I did hear the Nitro fleet was good quality though, means nothing if there's no work of course.

Agree that a rig is not a rig when it's not working, not to mention - if/when - the market comes back it's not cheap to get these assets back into working condition. Hardly a plug and play toy, hydraulic fluid and retrofits to meet client demands etc.

So they can all tread water now, but when capital is needed to restore fleet to working conditions will be the real hurdle.