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They're a fraction of what they once were. The flat out sell and sell short recommendations seem to be everywhere. With the relentless negativity in the face of short term rising oil prices and the threat of more oil than the world can consume, I can't help but wonder if there will be off shore drillers in the future. I've read some of the summaries of Mr. Thigpen's public comments where even he doesn't seem to see light at the end of the tunnel for several years. Does anybody have any opinions on whether there is a future for Transocean?
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So long as Saudi Arabia is intent on destroying US and other competitors I don't see oil rebounding. I live in an area with a lot of frac sand is mined. Those guys are starting to shutdown because oil prices don't support recovery costs for their customers. RIG is at the high cost end of the oil production. It's dead until oil prices rebound.

On the bright side, the Saudis are making a costly bet that they can hold out long enough to wreck the non-OPEC competitors. They have the lowest oil production costs but the lost revenue is going to squeeze their economy hard eventually. And that means political problems for the rulers.

Right now I think its a costly game of chicken. For RIG that means hunker down and try to survive. I think they can do that but I don't believe the stock price will recover for a few years.
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Makes sense Bill. Was the proliferation of off shore drilling a result of $100 oil? Seems like I remember seeing them when oil was below $30 a barrel but that was when labor and equipment costs were significantly lower I suppose.
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