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Good for the long term future of the industry. Last cycle my cost basis for RIG was $10 and sold at $122. Hopefully, share prices will remain depressed for a couple years. I understand things won't be the same with clean energy. But, it seems the industry realizes that, too, and is over reacting and scraping to many rigs. There's a lot of political instability, and it might not be a bad idea to add drillers to the portfolio. Inventories have dropped 15% since the peak; much faster than I'd expected; partly helped by exports and the spread between WTI and Brent. Supplies see tightening. Who ever is left offshore will benefit $$ big time.
Brainz, what are your thoughts?
Gary
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