Easy credit!

輕鬆得分!

Deepwater oil rigs, all the latest bells and whistles available cheap.

深海石油平台和所有最新型的鈴鐺、口哨便宜出售。

Come and get them.

快來買。

You know really, it's almost that bad in the offshore drilling market.

你知道嗎，海上鑽井市場行情真的快要這麼糟了。

Well, in gas producers have had to put pressure on their suppliers.

石油製造商必須對他們的供給者施加壓力。

And whenever possible, these energy companies, they've delayed projects,

任何可能的時候，這些能源公司，他們延遲商品產出進度，

especially the more costly offshore ones.

特別是所費不貲的海洋相關產品。

For those that build and operate offshore drilling rigs, the nightmare may have only just begun.

對於建造和操作海上鑽井平台的商人來說，惡夢才剛開始呢！

So rig owners have spent hundreds of millions of dollars to construct

所以這些設備的擁有者花了數億萬美金去建造

each one of these sophisticated bits of deepwater kick.

每一個尖端的鑽井工具。

Meanwhile, the day rental rates for these have halved to about 2500 dollars since 2014.

同時，這些鑽井工具的每日租金自２０１４年以來即減半到２５００美元。

And another 35 new rigs are due for delivery in the next few years.

另外３５台新的鑽井工具在未來的幾年內會被送達。

That will add 15% of supply without enough work for them.

這會增加１５％的生產工具數量，但並沒有足夠的工作給它們做。

Now any debt raised to build these rigs looks less secure with each passing month.

現在任何為了製造工具所累積的負債，多過一個月就看起來又更危機重重一點。

These liabilities already make up 80% of the enterprise value.

這些債務已達企業價值的８０％。

That's market value plus net debt of the 16 listed rig companies in the US and Norway.

那是１６家美國和挪威的鑽井公司的市場價值加上凈債務。

That means essentially that the market believes the sector is bust.

那表示本質上，市場相信這個部門已經破產了。

Not to worry, though.

別擔心。

Some investors are snapping up any available distressed debt; indeed,

有些投資客正在搶購所有能到手的不良債權；事實是，

some rig providers have already gone through that restructuring.

有些鑽井工具供應商早已度過過渡期。

For example, in December, Vantage Drilling in the US, which is three deep water drillships, filed for bankruptcy.

比如說，１２月的時候，美國的三個具優勢的身還鑽井平台已破產。

And whereas the old vantage had high cost, mostly due to its interest payment,

要維持長久優勢是付出高額代價的，大部分是利息支付，

new and restructured vantage has the lowest estimated break-even cost in this group.

新的和轉型後的優勢廠商有比較低的預估收支平衡成本。

Vantage can afford to offer lower day rates than rivals,

他們就可以承受比對手更低的租金，

and according to its online homepage, it's even keen to hire more workers.

而且就他們網站上的消息，他們還在強烈招募新血。

So other distressed rig companies such as Hercules Offshore and Paragon are similarly adjusting their costs.

所以其他身陷困境的鑽井公司，像是 Hercules Offshore 和 Paragon 也以類似的方式在調整他們的成本。

The analysts of D&B see a trend of contractors preferring to keep a rig working rather than removing it from supply.

D&B 的分析師看見承包商寧可留住一台機器也不要拔除它的趨勢。

The largest rig owners, Seadrill of Norway and Transocean and even lowest cost provider Diamond Offshore,

最大的鑽井機器擁有者，挪威的Seadrill ，還有Transocean 甚至Diamond Offshore， 低成本的供給者，

22 billion in growth debt between all of them can only watch nervously

他們只能焦慮地看著之間高達二十二億的債務

as the newly restructured companies offer customers more discounts in the coming year.

此時調整過後的廠商在來年提供消費者更優惠的價格。

Come on, come all!

來吧，大家都來!