me i think it's ok for far-forward-looking deep pockets to buy drillers & well service companies at today's firesale prices. The crucial issue is debt levels. How are these companies going to meet their bank covenants without any significant revenues?
a company that owns producing wells still has something to sell, albeit at a loss, to forestall the bankers. But the drillers' rigs are all sitting at home. IDK, possibly some of the ocean-going deep water rigs are even being broken up for parts.
tri-can has managed to skate, skate, skate, skate through the downturn so far. TCW has a good long-term history & its bankers are carefully overlooking a number of short-term motes in their eyes. I haven't studied ESI, wondering how is its debt position?