NBR announced after close tonight a big overallotment on a private placement with accompanying hedging. There's a huge premium to get the private placement into the money, so there's reason to rally the shares once the smoke clears. Plus, if you listened to the last conference call, they could hardly contain themselves concerning how much business they've got in front of them, and lots of new rigs coming into service.
Thanks for the info bale. From what I've been reading, dayrates for rigs continue to rise to very high levels, rigs are basically at 100% utilization in the Gulf and some rigs (RDC for instance) are even leaving the Gulf for other areas. Backlogs of business are also piling up, these companies are also increasing dividends and buying back shares. Is there anything else that I'm missing? I like this sector, but Wall Street sure beat the crap out of it today.