Just my take....9 weeks late on a project that big and complex isn't bad. I'm sure there are delivery incentives and penalties in the contracts. With day rates through the roof, obviously, everyone wants the rigs on site and producing. But reasonable delays are certainly built into the planning and contracts. With adequate financing in place and good cash flow to cover the debt, I think you can be comfortable that management is delivering. This company seems to be a "no-brainer". The right business, at the right time with the right management. Sounds good to me. Buy it!
I agree that 9 weeks delay on a state-of-the-art drill ship is not bad and I agree that there were likely incentives/penalties in the contract. This is a long-term investment in deep water drilling that will take a couple of more years to really pay off when cash flow goes through the roof. Traders are not active here, fortunately. Peter