Best and worst performers
In the week ended June 30, 2017, Transocean and Diamond were the only two stocks among the offshore drillers to give positive returns. All other offshore drillers traded in the red in the previous week. The worst performer was Noble.
Below are the stock returns of offshore drilling companies on June 30, 2017, as compared to their prices in the previous week:
- Seadrill (SDRL) fell 1.6%.
- Transocean (RIG) rose 1.7%.
- Noble (NE) fell 6.9%.
- Diamond Offshore Drilling (DO) rose 4.7%.
- Rowan Companies (RDC) fell 3.6%.
- Atwood Oceanics (ATW) fell 2.9%.
- Ensco (ESV) fell 3.7%.
The VanEck Vectors Oil Services ETF (OIH), which has 22.3% of its holdings in oil and drilling stocks, rose 2.0% during the same week.
The US offshore rig count for the week ended June 30, 2017, was 21, one down from the previous week. The total rig count fell for the first time in the last 24 weeks. The total count (oil and natural gas rigs) for the week ended June 30, 2017, was 940, down by one from the previous week. The total US oil rigs were recorded to be 756, two down from the previous week. This was the second time in 2017 that the weekly oil rig count fell.
In the next part of the series, we’ll discuss the details of contracts secured by some offshore drillers in the previous week. We’ll also take a look at other key events followed by analyst downgrades from the previous week.