Following on Ensco International's
For one, Chevron
Some rates have indeed softened a touch. Noble and GlobalSantaFe
This confluence of challenges was enough to unnerve Wall Street wunderkinds, one of whom cut his earnings estimate on Noble by one penny. Not so noble now, are you, punk?
Perhaps I'm missing something, but analysts seem upset that too many rigs are coming onto the shallow-water market, while at the same time they're punishing Noble for not bringing rigs up on time. If Noble experiences delays during a period of oversupply, is that the worst thing in the world?
Don't get me wrong, I fully recognize there's room for deterioration in the jackup market. I'm just not all that concerned when it comes to the firms that were singled out in yesterday's downgrade.
Ensco in particular may have won my cheapskate heart with the comment that they are "cost mavens," but I think all three of these operators are worth a hard look if market pessimism persists.