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I hope you are both right!
I've been a fairly longterm investor in RIG but I sold everything last year. Following the disaster I couldn't help but buy back in. I've now got a long-term LEAP call option at $55 that epires in Jan 2012.

The time value of the option is quite significant so I will look to sell it before that portion degrades too much. However it's nice to see it in the money now.
Hopefully as time progresses the memories of the disaster will fade from investors minds and the stock can appreciae again.

To a great extent I think the extra rules and regulations that will be imposed will create a greater burden for the oil companies rather than the rig operators. But the simple fact is they will HAVE to stick with (deepwater) offshore drilling as that is where the limited resources are to be found.
There is no way that offshore drilling will be stopped. There is just too much need for it. So whatever the new rules, all involved will just have to adapt. And the biggest and best in the business will be best placed to fully understand and apply the rules.

GO GO RIG!!

PF
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