Agree that it's a critical component. I also believe that the writing is on the wall for all to see. Just look at the tremendous market cap losses to any one of these offshore drillers in the last few years, accelerating exponentially this past year. Wall St. will never value these companies highly ever again (think coal) and the majors will eventually buy up all or nearly all of what's left of them in the next 4-5 years and simply fold them into their overall operations, saving themselves huge costs. It's a new world and IMO there won't be a recovery in these drillers.
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