Looking for value, page-14

I was a holder of WOR but recently sold out at cost. There is probably value in WOR at these prices but it is speculative as the gearing ratio is poor, the outlook is still deteriorating, the cash flow marginal and propriertorship ratio dodgy.
Schlumberger in recent announcements to market indicated that the next quarters have activity declining even further. WOR has had a lot of long term contracts holding up revenue and I am worried that could change. It's always hard to pick the bottom, this company could go either way.
On the balance of probabilities though I am out for now and looking to buy in at the next result announcement if this includes some more bad results and a capital raising or asset sales. I don't see WOR benefitting from an increase in US shale oil activity as this is fairly agricultural rather than high tech.
For oil I have invested in STO instead as it has taken all it's writedowns, raised capital so is in a much stronger financial position and will benefit from a rise in oil price to $60-$70 US brent.
The capital intensive oil projects WOR deals with needs oil to rise further. Having said that the shareprice seems to stupidly fluctuate with the oil price but I look at the business in the long term rather than the fluctuations.
Management have said in the most recent annual report that they are heavily involved in the shale stuff, which makes me think the opposite is true. Like when STO management said it definitely didn't need a capital raising you know that's what's coming next. I think WOR has said it doesn't need to raise capital (with appropriate weasel words) also.
WOR is also involved in resources which is going to be worse than oil and gas. 75% of the business is O&G though. The large LNG projects they are bidding for in Canada are not going to go ahead as we have an LNG glut for the medium term.
The Canadian projects are always going to be more expensive than the US with bribes payable to the first nations - although it's not PC to call it that. Not to mention all the cheap shale gas.
All the best to WOR holders - doesn't seem too silly just a little risky for my taste at this point. The share price is extremely low though, even at $6 let alone $3 or whatever it fell to.
A problem to me is that it was born of an oil and gas/resources boom and is still transitioning to a future which will be less buoyant. That means lots of layoffs, redundancy charges and writedowns as we have already seen. Maybe a little more to come.