Thanks. However I believe that only makes it a "strongly preferred" option, not essential. As such commercial and schedule will come into play.
There is certainly strong rivalry between GDY and PTR, however both have a different business models, and are unlikely to be directly competing for market for decades. Meanwhile they are both competing with fossil fuels, and both tackling common technical challenges. Makes sense to cooperate, and I see signals from both that they see that.
If GDY don't want their rig underutilised (I don"t believe they can afford to drill continuously themselves), then they will need to offer the rig on fair terms, or risk a competitor rig taking their 3rd party work. Therefore be under no illusion that they have PTR over a barrel. PTR management far too astute to have allowed that to happen.
EL
PTR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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