Second that nshwartz. Isn't is amazing how someone like casadipace can post so much and know so little.
Cary's right - this has a tiny float. That could be good if investors catch up with the story but a long wait is possible as well. Merrill had good things to say about aluminum and RYI. (ERS is a RYI supplier and derived 77% of revenues from al last year.) Trading at book and Lee Cooperman - looks like something worth waiting for.
Most Seeking Aptitude articles, while sometimes informative, are little more than personal opinion articles peppered with readily available facts. The articles are frequently wordy and lengthy - but most importantly omit facts that go against the author's bias. Take it for what it's worth: Seeking Alpha is simply a provider of opinion.
Dig, not what I said or implied. Nevertheless the fact will now remain the two rigs were built in 1982 and 1983. I consider these to be old and vulnerable to new supply. Incidentally, the new rigs could vulnerable (rates) as they compete with the potentially falling rates of old rigs.
As for management I have no opinion and I really doubt anyone (management or me) is conspiring against your findings. How someone can twist that out of a simple message is beyond me. Seriously. Entities like these are actually quite simple so I don't see the need to turn this into another SA article.
From what I gathered from Merrill, CS reports, and S & P credit commentary the situation for rigs and drillers is not favorable. Maybe that could change if newbuilds, yet to be delivered, could be cancelled - but I'm not an expert and have no reason to believe this will be the case. The projection is rates will fall as new supply becomes available. Further, new rigs may be more desirable (safety, efficiency, etc.) than older rigs. Now might be a good time to double check the age of AWLCF's rigs and evaluate their desirability in the face of new supply being delivered.
Gosh. I mean golly! What are we to do. Do I hear $22.50? $21.50? $20? Wink, wink. Can you guys be any more obvious?
Looks like shoot the messenger (in this case that would appear to be you, ron). I've read comments from analysts at Merrill and CS. I can't recall seeing a message on this board addressing upcoming rig counts and this significance of rig age.