Post edited after a helpful reader pointed out some calculation errors. The conclusions reached have not changed. That's what I get for writing after midnight. I've haven't written on Awilco Drilling for a while, but the company's never been far from my mind. How could it be, when the past five months have been one long, painful slide from over $26 to $11 per US ADR? The reason for the decline is obvious: an unforeseen and extraordinary decline in oil prices and the associated carnage in nearly all oil-related companies. In hindsight, there were obvious signs of coming weakness that I ignored. Chief among them was the large share sale by the company's controlling shareholders. At the time I dismissed it as merely portfolio reshuffling and profit-taking. The sting of loss has a way of clarifying reality, and it now seems obvious that the Wilhelmsens knew exactly what was ahead for the sector and reduced their exposure accordingly.