Diamond Offshore's and Seadrill's Recent Annoucements Expose the Truth in the Deepwater Rig Market

Diamond Offshore (NYSE: DO  ) got quite possibly the biggest insult one can get this past week. Statoil cancelled a contract for one of Diamond's ultra-deepwater drillships because it simply wasn't up to the task of handling Statoil's demands. Combine that with the delayed contract talks with Pemex for a Diamond rig and the fact that Seadrill (NYSE: SDRL  ) just signed a five-year deal for one of its newbuilds for a whopping $605,000 per day, and you get an inkling on what is important in the rig market: rig specifications.

Find out more on how the quality of a company's assets are an accurate gauge for the future performance in the rig market today and why that bodes well for Seadrill, Pacific Drilling (NYSE: PACD  ) , and Vantage Drilling (NYSEMKT: VTG  ) by tuning in to the following video. 

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