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" ... The bad news is that the dividend is variable; the company has one of the older fleets of rigs in the industry; newer built rigs will be coming on line in the next few years from competitors; some projects will be delayed due to the moratorium on deep water drilling, and some of its drilling contracts (probably 3 or 4) will be subject to force majeure. That is, they may be canceled due to circumstances beyond the contractee’s control, namely the drilling moratorium. ... "