We have taken inventory of the latest high-spec rig count, highlighting a noticeable drop in demand as large / public E&Ps finally start to cut (public E&P count was UP 2% in 1Q19). IF public E&Ps live up to their 8-10% capex cut y/y,  high-spec rigs could have further downside, along with frac fleets that could soften further in 2H19 (most risk in non-Permian areas).