Bragg gets paid cash and free stock. Maximizing shareholder value secondary otherwise would just payoff debt so multiples can expand and we can move the stock upward. A new udw drillship will not be recieved well by the street. Interest rates will be much higher in a few years and day rates could be lower. Street wants to see growth via cash not debt, that model worked in the 90's and is dead.
New drillship will only cost 600-650 with current market rates.
Excluding the cash on the books for Tungsten we were less then $10mm and will lose money in Q2. At 1.86 with all the great contracts, drillships, financing, and higher jackup rates the market is telling bragg were not going to pay up for this model.