A quick look at the chart for Atwood Oceanics shows a familiar pattern for those who have been following the price action of companies in the offshore contract drilling industry. Shares of Atwood have declined by approximately 30 percent from ...
Noble Corporation predicts that additional capital expenditures necessary to comply with new regulations for drilling in the Gulf of Mexico should not exceed $10 million per rig. In the company's second quarter 10-Q report filed with the SEC yesterday, management ...
In a presentation released today, Contango Oil & Gas Company CEO Ken Peak provides more details regarding his view of the situation unfolding in the Gulf of Mexico. We have commented on Contango Oil & Gas in the past and ...
According to The Wall Street Journal, scientists have estimated that 62,000 barrels of oil per day, or approximately 4.9 million barrels in total, leaked into the Gulf of Mexico due to the blowout of BP’s Macondo well. Estimates have varied ...
The six month moratorium on exploratory deepwater drilling the Gulf of Mexico is continuing to heavily impact the economy of the Gulf Coast. Despite two court rulings, the federal government is continuing to insist on a complete halt to deepwater ...
At a recent presentation at the Aspen Ideas Festival, one of Shell's experts on deepwater drilling suggested that flaws in the design of BP's Macondo well were likely responsible for the blowout that led to the massive oil spill in ...
The Wall Street journal has reported that Exxon Mobil, Chevron, Royal Dutch Shell, and ConocoPhillips are planning to announce the formation of a joint venture to design, build, and operate a rapid response system to address the impact of a ...
Contango Oil & Gas Company issued a press release today that announced new production from recent discoveries in the Gulf of Mexico. In addition, the company announced new production from eight onshore wells in Texas that are part of a ...
Noble Corporation recently announced second quarter 2010 earnings of $218 million, or $0.85 per share. The results were negatively impacted by a combination of lower utilization for the overall fleet and sharply lower average dayrates. As a result, contract drilling ...
Although the massive oil leak in the Gulf of Mexico has been reduced to a trickle based on successful attempts to finally cap the well, the permanent solution to the crisis will only arrive upon completion of the relief wells ...
Brazil is aggressively pursuing deepwater oil discoveries and recently began production on the country's first commercial deep sea platform. Brazil's deepwater wells are typically deeper than wells in the Gulf of Mexico and entail more technical difficulties. The Financial Times ...
In this article, we profile Diamond Offshore, one of the leading companies in the deepwater drilling industry. In previous articles, we focused on two companies in the offshore drilling industry with lower risk profiles. Both Noble Corporation and Ensco plc ...
Over the past several weeks, there has been a great deal of speculation regarding the goal of politicians who advocate removal of the $75 million liability cap for offshore oil spills. Based on a Wall Street Journal interview with Carol ...
Earlier this week, Noble Corporation announced that it has entered into an agreement to acquire Frontier Drilling in a cash transaction valued at $2.16 billion. Frontier is a privately held independent drilling company with a fleet of three dynamically positioned ...
U.S. District Judge Martin Feldman overturned the Obama Administration's six month deepwater drilling moratorium this afternoon citing the "immeasurable effect on the plaintiffs, the local economy, the Gulf region, and the critical present-day aspect of the availability of domestic energy ...
Most of the headlines over the past week regarding the Deepwater Horizon disaster have focused on the $20 billion escrow account that BP was forced to set up for victim compensation. However, the far more important development from a public ...
Last Friday, we presented a profile and analysis of Ensco plc. At that time, the latest fleet status report was dated May 14, 2010 and was nearly a month old. The company provided an updated fleet status report (pdf) today ...
On Thursday, June 17, BP CEO Tony Hayward will testify before the House Committee on Energy and Commerce. In preparation for the testimony, the Committee Chairmen sent Mr. Hayward a letter listing a series of alleged procedural lapses that could ...
Ensco International plc is an offshore contract drilling company that provides services to oil majors and independent oil exploration firms. The company has historically focused on jackup rigs designed for relatively shallow water but has devoted the majority of capital ...
Whitney Tilson is convinced that BP is simply too cheap to ignore at current valuations. Given the steady stream of negative headlines due to the massive Deepwater Horizon oil spill, BP shares are quickly approaching a 45 percent discount to ...