when adjusting for the 40% of the company's shares that were bought back at $0.89 per share just a few weeks ago. Buying a $500 million cost vessel for $60 million seems like a smart long, term strategic move as well.
No, Proforma book value is $39 per share as adjusted for the large buy back of its stock from DRYS at $0.89. It will take another couple reporting periods for it to show up on Finance Yahoo as the transaction just closed in April after the end of first quarter.
Better opportunity than SDRL which is trading around 15% of book value and close to 6x trailing EBITDA. ORIG trades around 4x trailing EBITDA and has been buying back debt at a discount in addition to buying 40% of its stock back in today at $0.89 per share, a massive discount to the year book value of approximately $24 per share.
at Dec. 31 adjusting for the $50 million of cash paid and now approximately 83 million shares outstanding. A $15 proforma book value increase and the stock is up only $0.11 and is currently trading at 2% of book value with a couple of years of liquidity. Seems greatly undervalued at this time?