When you look at Diamond Offshore's (NYSE: DO ) fleet, it isn't too surprising that shares are down more than16% so far this year. The company has one of the oldest fleets on the market today and, unlike competitors Noble Corp (NYSE: NE ) and Transocean (NYSE: RIG ) that plan to shed some of their older assets in spinoffs, Diamond seems to be staying the course. These older assets will be put to the test in the upcoming months, though, because more than 25% of its fleet will be coming off contract with no new one in place. Not only does Diamond need to convince companies to re-up with its fleet, but it also needs to convince them that it is a better option than the several rigs coming online from Transocean and Seadrill (NYSE: SDRL ) .
Find out more about how Diamond's fleet is performing today, and how much of an impact it will be when those rigs go off contract, by tuning into the video below.
Do you know this energy tax "loophole"?
You already know record oil and natural gas production is changing the lives of millions of Americans. But what you probably haven't heard is that the IRS is encouraging investors to support our growing energy renaissance, offering you a tax loophole to invest in some of America's greatest energy companies. Take advantage of this profitable opportunity by grabbing your brand-new special report, "The IRS Is Daring You to Make This Investment Now!," and you'll learn about the simple strategy to take advantage of a little-known IRS rule. Don't miss out on advice that could help you cut taxes for decades to come. Click here to learn more.