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I'm not too sure about the equipment depreciation issue or it's fleet condition. What I do know, is that TDW has routinely repurchased stock to bolster its share price. This is a sign of very healthy company when one considers the current financial environment. In short, available cash does not seem to be TDW's problem, hence I don't think it will be "caught with its pants down" when the up turn comes.

~ Y
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