So, yesterday I met a buddy who works for a company that does drilling equipment maintenance. Their biggest client is NBR. Turns out that this company which had been doing good business last year, has seen a 90% drop off in business and had to lay off an equivalent portion of the employees. Apparently, there's so much idle equipment lying around with the drilling companies that rather than send equipment in for maintenance, the NBRs of the world are simply replacing worn out equipment with idle equipment instead of repairing..... makes me wonder how much the bottom has fallen out of the business.....

Any thoughts anyone on this?