You may be right but the 6.5Bn Hughes deal was a merger/TO of 2...

You may be right but the 6.5Bn Hughes deal was a merger/TO of 2 giant drillers. They own an immense amount of machinery and can rev up drilling anytime they are required although i expect they'll have a long wait. WOR design, manage construction of (via contractors) and commission huge hydrocarbon projects eg off shore platforms, oil refineries, fert/chemical factories etc. Capex on this mega projects has stalled and it will take a big leap in commodity prices and esp oil to get anything new signed off. Only machinery WOR own are computers. Their goodwill/non tangible assets is 90% of their mkt cap!