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Offshore Drilling off to a Great Start in 2013

By Taylor Muckerman and Joel South - Apr 19, 2013 at 9:03AM

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Offshore drilling has been a hot topic in the oil and natural gas space for a little while now. How did the first major driller to report do in the first quarter?

Aside from some unexpected downtime, Noble (NEBLQ) laid the groundwork for a strong earnings season for its offshore drilling peers. Major oil and natural gas producers have announced record capital expenditures, and it is clear that the money has already started flowing. According to the release, that money is finding its way around the entire globe as well.

Two key metrics to look at when analyzing Noble and its peers are day rates and utilization. Both of these figures rose from the previous quarter's levels, and that bodes well for the entire market. If downtime can be limited, then it would be surprising to see this company falter in 2013.

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Stocks Mentioned

SeaDrill Limited Stock Quote
SeaDrill Limited
Noble Corporation plc Stock Quote
Noble Corporation plc
Transocean Ltd. Stock Quote
Transocean Ltd.
$3.97 (-3.17%) $0.13
Hercules Offshore, Inc. Stock Quote
Hercules Offshore, Inc.
Valaris plc Stock Quote
Valaris plc

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