By my calculation, when RDC includes $875M in equity (from the after-tax proceeds from the sale of their LeTourneau), they will have a P/B ratio of 1.1x which is well below ESV 1.3x, NE 1.4x, PDE 1.6x, and DO 2.5x.
Also, their fleet of 68 rigs are in high demand segments.
I'm not so sure. What were you valuing LTI at before they were bought. If you valued them at $875M then their price-to-book is the same as what it was before the deal. I think they got close to the market share price for LTI (based on PE ) ... seems they got about the same PE as RDC is currently valued at).