I'd agree and say that I'm not sure whether one approach is better than the other. If RIG buys back stock in the 60-70 range. Holds for a year or 2 and it goes to 150, I'd say the buy back is better. Because now they have even more profits to pay as dividends.
But if the stock remains flat for the next several years, give me a dividend.
I don't think there can be one clear way that is better as a rule. It all depends on what happens to their earnigns and therefor stock price. Since I think anything below 100 is way undervalued, I'd prefer a stock buy back at this point in time.