The ultra-deepwater drilling market has fully recovered from the Deepwater Horizon disaster and even the owner of that rig -- Transocean (NYSE:RIG) -- is seeing improved results. As growing reserves are found in deepwater, Transocean, Noble (NYSE:NE), Seadrill (NYSE:SDRL), and Ensco (NYSE:ESV) have been able to command $600,000 per day for rigs and keep them employed for months or even years at a time. With oil becoming harder to find onshore, energy contributor Travis Hoium thinks the profits these companies are reporting can continue to grow.
- Aug 15, 2013 at 1:33PM
- Energy, Materials, and Utilities