Deepwater oil rigs on brink of recovery after years in doldrums

From Bloomberg News

The following text was excerpted from the media outlet cited on September 24, 2018 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.

HOUSTON (Bloomberg) -- Deep-sea oil drillers are once again riding the wave of investor enthusiasm that next year will be better for profits.

But this time there seems to be a bigger chance it will actually happen, according to analysts at Credit Suisse Group AG and Morgan Stanley.

Some of the world’s biggest owners of rigs that drill oil wells in more than two miles of water, including Transocean Ltd., Ensco Plc and Diamond Offshore Drilling Inc., saw rallies in their shares near the end of 2016 and 2017, only to see their stocks tumble by the start of the following year as reality set in.
 

Continue Reading