With their very substantial backlog, probably only a minimal effect on earnings. PBR actually ordered 26 rigs, with 21 of them being Sele Brazil and 5 being Ocean Rig. Only those 5 are cancelled. NOV supplies 100% of the equipment to Sele Brazil. In total, this should have only a small impact. The story reeks of something the short algorithms would put out and spin.
now I know why the shorts are having a field day with NOV today. No uptick rule and we don't know the full impact from the news but shorts can bring stocks down with little buying interest to offset the selling