I myself also got a bad taste out if the CC. Will be back into RIG at $75.
The problem is RIG's result should influence the whole sea drillers since RIG has about 1/2 of all >1000' rigs (84 rigs compared to 96 for ATW,NE,ESV,PDE,and DO combined; did not have Seadrill numbers).
I think RIG was just unlucky to get a few rigs canceled (thus law suits expenses), and more end of contract ratio recently relative to the rest.
This is why in a few years all sea drillers will reflect their deep sea rig's value.
In order to compare the lot, I did some calculation allowing rigs >10000' a value of $750M, 5000'-10000' a value of 500M and 1000'-5000'-$250M. No value was assigned to Jack ups based on new inventory coming on line causing no profits in this section.
Mid range is week now but it has advantage of no new builds thus it got a lower value than cost.
After doing this math, I deducted debt and compared the value I got to market value (you might call this price/deep sea book).
I got 2.33 for ESV, 1.2 for both NE and ATW, 1.1 for DO , 1.0 for RIG and 0.85 for pde.
The lower number the better value but pde has a problem of very low profitability recently without any major new build revenue coming on line before Q3 2010!
No value was assigned to