Question-and-Answer Session
[Operator Instructions]. Your first question is from Robin Shoemaker with Citi.
Robin Shoemaker - Citigroup
Yes, good afternoon, thank you. I was wondering if you could comment on the behavior of competitors who are getting new jackup rigs or about to receive new jackup rigs putting them in the market, where you are seeing rates impacted by new supply and if you could just comment on the overall rig structure in your key markets?
Kurt Hoffman - Vice President of Worldwide Marketing
Sure, this is Kurt. We have actually from the new comers that have come into the markets with jackups, we have actually been fairly pleased with this play they have had in their pricing. So in the markets where we compete against them there has not been any big issues that would raise a concern amongst Noble and our markets on how the new entrants are pricing their assets.
So we are not... that's not a concern as of this point anyway. In general, the markets that we operate and David mentioned on it... touched on it earlier, it's very important that the majority of all work, especially with jackups is contracted with national oil companies and they have a much longer view of the markets than other type of companies.
So we're confident in where we are, we still see good opportunities and additional opportunities and then I'm sure we will talk about on this call and the markets that we participate in.
Robin Shoemaker - Citigroup
Okay. And the... when you talked about some rigs that may become available where financing is problematic. Are these both on the jackup and the deepwater side, or principally on the deepwater?
Kurt Hoffman - Vice President of Worldwide Marketing
Opportunities that we are going to see in that... from that aspect I think you'll see both. I think you'll see some specular gas in deepwater and some speculation in... those speculators in jackups that could potentially fall out. It will create opportunities for us and others.
Robin Shoemaker - Citigroup
Okay. Thank you.
Kurt Hoffman - Vice President of Worldwide Marketing
Thank you.
Operator
The next question is from Alan Laws with Merrill Lynch.
Alan D. Laws - Merrill Lynch
Good afternoon I guess. A couple of questions, just wondered more of a question around your use of cash, the last quarter you guys talked about having a good balance sheet thinking about the special dividend potentially some M&A, and then you shifted in the quarter to not pay special then look more to an organic rig construction model. I was wondering, can you tell me what went on in the discussions during third quarter that made you decide to shift to this different strategy?
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