Miraculously, the company beat on both the top and bottom lines. I have no idea how they accomplished this, with day rates down, utilization in the ground, and drilling revenues down to $918 mln, compared to $1.11 bln in Q1.
Oh yeah, that’s because THE ESTIMATES WERE MADE BY SUBMENTAL MISCREANTS WITHOUT COGNITIVE ABILITIES.
Revenues fell by 50% from last year. Crude is saddled at 3 mo lows and the EPA wants companies like RIG to fuck off.
The company had this to say, regarding their pathetic excuse for a company.
“though we continue to face market headwinds, the combination of our industry-leading backlog, exceptional operating performance, and solid financial position ensures that we will maintain our position as the industry’s leading deepwater driller.”
You’d have to be psychotic to own this stock.
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These types of girls you only date
OA owns RIG in his long term account, as I recall.