Over the past eight months, a number of articles have appeared on The Rational Walk related to the Deepwater Horizon disaster and related investment opportunities. Value investors know that times of stress and uncertainty create opportunities in the financial markets ...
The official moratorium on deepwater drilling in the U.S. Gulf of Mexico was lifted in October 2010, but has been replaced with what can only be described as a quasi moratorium as new permits continue to languish in a byzantine ...
Noble reported third quarter 2010 earnings of $86 million, or $0.34 per share, compared to $426 million, or $1.63 per share for the third quarter of 2009. Contract drilling revenues fell precipitously to $584.9 million for the third quarter of ...
Noble Corporation Chairman and CEO David Williams believes that uncertainty in the Gulf of Mexico will continue to impact the offshore drilling industry for some time to come. Mr. Williams, speaking today at the Barclays Capital Energy and Power Conference ...
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 ...
Barron's has published a brief article making a bullish case for Noble Corporation. Jay Palmer, writing for Barron's, believes that Noble is well positioned for a world in which deepwater drilling will account for a growing share of production as ...
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 ...
New rules for offshore drilling under consideration in Congress could create major competitive advantages for offshore contract drillers that have heavily invested in modern drilling fleets in recent years. According to The Wall Street Journal, legislation designed to prevent future ...
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 ...
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 ...
In a sign that value oriented hedge fund managers are continuing to wade into the depressed offshore drilling sector, David Einhorn's Greenlight Capital has reported a 5.2 percent stake in Ensco plc as of June 30, 2010. Mr. Einhorn controls ...
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 ...
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 ...
As we discussed in our recent article on National Oilwell Varco, the financial markets have been reacting to the Deepwater Horizon disaster by punishing the stock prices of nearly every company associated with oil and gas exploration in the Gulf ...