thanx rapid_fire for the excellent info.

The salient points I believe from what I read are:

Small fleet which exposes TID to weather delays & lack of diversification vis-a-vis geographical location, users (few if any large intergrated cos.), low backlog, oil price volatility, shorter term contracts, swings in utilization rates.

Most of our contracts are with smaller cos. for short  term contracts who are less able to weather oil price volatility & according to Jeffrey Saut on BNN this am, oil price may sink to about $65.; so we may experience more contract defaults in 2013.

We may be better off spending more money on more rigs & we should go after cos. with deeper pockets (large integrated cos.).

carlos