$RIG Price to book value is 0.06. This is extremely under valued. Value investors usually consider a company undervalued if it has a P/B under 1.0. Also If you use basic algebra you would start to notice that the historical quarterly Entreprise value to market cap usually hovers around a mean divisor of 3.5 (when the markets were fine and the oil prices were steady). The current enterprise value is what 8.8 billion and the market cap it 600 million. That means the present value of the divisor is 14.6, this is further proof that the stock is extremely under valued and this is irrational behavior from investors due to the oil fears (earnings can potentially stop the fear and put this back at a 1.5B market cap). The market cap of this stock should be at least 2.5 billion with its current enterprise value and based on historical variables. Do 8.8 billion divided by 3.5 and that is 2.5 billion. Which means the price of this stock should be $4 per share if things are to go back to normal. They are not diluted, or split or anything. This is just the stock market cap losing value due to lack of demand in shares and selling pressure. They literally have more cash than the market cap, I understand the debt but every big business of this magnitude in this industry operates with heavy debt. I believe RIG will be able to advance and operate as they are contractors. They make money off of other people demanding a service. They do not drill oil and sell it to countries/other big companies. They simply get payed for drilling oil using they're portable rigs. Please understand this is not a case of share dilution, this is simply supply/demand. Institutions are driving this down so they can acquire cheap shares of maybe buy it off. Maybe another company will buy them out at 1.5B, scrap all the boats and sell them, take all the cash and file for bankruptcy. This would be good for us traders/short term investors as we are getting bought out at 1.5B but horrible for longterm investors/speculators. If I was a huge corporation my move would be scrapping this business and rebuilding a new one during this re-emerging oil market, creating a new/lower cost basis for my business and grow during the recovery of the oil crisis/corona virus crisis. We all know this will be over at some point and demand for oil will return. It will be a booming economy especially for oil. Price goes down if the demand is low but once the demand is back, oil will skyrocket like crazy. We have more oil then you really think. Corporate sharks just control the supply and demand as a way to drive prices up or down in they're directions.