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Offshore Drilling Rig Count and Stocks Fell in Week 29

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Updated

Stock performance

In Week 29, which ended on July 20, all offshore drilling stocks traded in the red. Seadrill (SDRL) fell the most, while Seadrill Partners (SDLP) fell the least.

Below are offshore drilling companies’ stock returns for Week 29.

  • Transocean (RIG): fell 5.64%
  • Noble (NE): fell 8.84%
  • Diamond Offshore Drilling (DO): fell 10.05%
  • Rowan Companies (RDC): fell 12.52%
  • Ensco (ESV): fell 10.39%
  • Seadrill Partners (SDLP): fell 3.38%
  • Seadrill (SDRL): fell 14.57%

The VanEck Vectors Oil Services ETF (OIH), which has 22.3% of its holdings in oil and drilling stocks, fell 3.15%.

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Rig count

The US offshore rig count was 17 in Week 29, down by two rigs from the previous week. The offshore rig count was six less year-over-year.

The total US rig count, including oil and natural gas rigs, was 1,046 in Week 29, which was eight rigs less than the previous week. It was significantly higher than 950 rigs reported in the same week in 2017. The US oil rig total was 858, which was five less than the previous week.

In the next part of this series, we’ll look at updates from Rowan Companies’ fleet status report. Then we’ll look at the details of Transocean’s latest new contracts.

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