Also worth noting that there will be 958m shares on issue, so a...

Also worth noting that there will be 958m shares on issue, so a $1 share price implies a market cap of $958m. The value of cash, LT, less debt less a reasonable expectation of the SEDCO settlement is about $100m, so there needs to be $858m of value in Crux, ES and other fields. This is a pretty chunky number. The Mitsui deal put a value of $1.1b on Crux, but that was a bull market deal - will be hard to repeat soon, particularly given NXS will be seen as a distressed seller. ES - who knows.

So a $1 is possible, but some good deals needed. My concern, as always, is with management.