I guess it depends on the number of rigs. If it's say an 8 rig...

I guess it depends on the number of rigs. If it's say an 8 rig contract, this might take $10+ to order kit, build rigs and ship to site (esp. if overseas) before they start earning. But as you say - they should be able to finance this from cashflows. Also - strategically wouldn't you announce the contract, get an uplift in share price, then cap raise?!