SDRL stock performance
In the week ended September 1, 2017, almost all offshore drilling stocks traded in the green. Seadrill (SDRL), which has fallen 91.0% since the start of the year, was the best performer, rising a whopping 43.0%. On the other hand, Pacific Drilling (PACD) fell 12.9%.
Below are the stock returns of offshore drilling companies on September 1, 2017, compared to their prices the previous week.
- Seadrill (SDRL): rose 43.0%
- Transocean (RIG): rose 7.4%
- Noble Corporation (NE): rose 1.4%
- Diamond Offshore Drilling (DO): rose 6.0%
- Rowan Companies (RDC): rose 6.3%
- Atwood Oceanics (ATW): rose 7.7%
- Ensco (ESV): rose 2.2%
- Pacific Drilling (PACD): fell 12.9%
The VanEck Vectors Oil Services ETF (OIH), which has 22.3% of its holdings in oil and drilling stocks, rose 1.0% during the week.
The US offshore rig count for the week ended September 1, 2017, was 16, which was one less than the previous week. The rig count was higher by six rigs compared to the same period last year.
The total US rig count (oil and natural gas rigs) was 943 for the same week, which was three higher than the previous week but significantly higher than 497 rigs reported in the same period last year. The total US oil rigs recorded were 759, which was unchanged from the previous week.
In the next part of this series, we’ll see why Seadrill stock rose and Pacific Drilling fell last week.