Plus, if you really read the press release about the sale of the rig, rather than jump to a conclusion from a headline (everybody gets enough exercise from doing that), you'd see it was a really savvy move on their part.
1. They get out of the debt load of the rig.
2. They secured a 50M note due 2021 at I believe 6.2% interest annually.
3. They receive additional monies for any daily rates over $450k
4. Without having the debt service to deal with or listed on the balance sheet, paving the way to take delivery, when necessary, on some of the newer rigs in the future.
5. Secured a cash payment to help meet needs in the near term.
The Middle East is powder keg and Russia is unstable. You're right, any hiccup or war, oil is going to go through the roof and frankly, oversupply is starting to erode, albeit slowly (without a global event).
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